The bank said in a statement issued on Wednesday that the partnership would address gaps in operational costs as well as funding for on-going activities over a three-year period concluding in 2023.

“Afreximbank’s 500,000 dollars financial support will facilitate the implementation of development programmes on the continent and cover the shortfall in ATPS’ resources,’’ it stated.

President of the bank, Prof. Benedict Oramah, said in the statement that he was delighted the bank entered into partnership with the ATPS Network.

He added that the network had showed unwavering commitment to intellectual integrity, imagination and ingenuity in the pursuit of sustainable development on the African continent.

“Robust institutional capacity in Africa has historically been stymied by a shortage of funding for think-tanks and their programmes. Afreximbank is pleased and proud to address this,’’ he stated.

Dr Nicholas Ozor, Executive Director of ATPS also expressed delight at the partnership.

“Through this partnership, we will strive to tackle youth unemployment, which is one of Africa’s most pressing challenges.

“We shall tackle it by the application of science, technology and innovation as a means for technological innovation development, commercialisation and up-scaling of enterprises for job and wealth creation in Africa,’’ he stated.

The bank also noted that think-tanks played a crucial role in Africa as catalysts for ideas, helping to develop material solutions to some of the continent’s most complex and intractable challenges.

It added that these institutions were vital to maintaining and improving governance mechanisms through evidence-based decision-making for Africa’s development.

“The ATPS boasts an impressive record of activity having worked in over 30 African countries and completed 150 Science and Technology Innovation research projects.

“It has published more than 1,000 research papers, journals, and policy briefs, developed four training manuals and trained more than 8,000 different stakeholders.

“It has also conducted more than 75 training workshops on science, technology and innovation development in Africa.

“Moreover, the ATPS pioneered the first-ever African Manifesto for Science, Technology, and Innovation,’’ the statement indicated.

It added that the ATPS had facilitated the commercialisation of more than 110 technologies, created more than 12,000 jobs, worked with more than 50,000 farmers and established 350 Small and Medium Enterprises.

It further stated that the network had also supported more than 280 new businesses and created linkages with more than 20 incubators and mini incubators across Africa.

“This partnership aligns with Afreximbank’s mandate to stimulate a consistent expansion and diversification of African trade to ultimately increase Africa’s share of global trade.

“Strengthening and collaborating with indigenous knowledge based African institutions fits into the bank’s strategy, it added.

It stressed that the ATPS contributed significantly to sustainable development in Africa.