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The governments of Senegal, Ethiopia and Rwanda, and the Africa Business Champions for Science, a group of African businessmen, have launched a $5 million regional scholarship and innovation fund for Africa.

According to a press release made available to TechCabal, the fund will be channeled through World Bank’s Partnership for Skills in Applied Sciences, Engineering and Technology program (PASET), an organization that intends to award 10,000 African PhD scholarships over a ten year period in order to boost research and innovation in applied science, engineering and technology.

“Led by the African Governments and in partnership with business leaders and the World Bank, we want to go beyond philanthropy to find innovative ways to properly link industry with scientific and technical excellence for the long-term, and for the benefit of us all,” says Dr Álvaro Sobrinho, Chairman, African Business Champions for Science and Chairman, Planet Earth Institute

PASET’s initiative, it is believed, will accelerate the creation of a skilled workforce in Africa.

Image Credit: Markgraf-Ave Via Pixabay Cc

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