MMTC secures Ksh 510B commitments to expand smart-city model across Africa

Mwale Medical and Technology City (MMTC) has attracted over $4.3 billion (Ksh 510 billion) in investment commitments from investors and government officials during the 81st United Nations General Assembly (UNGA) in New York. These commitments were secured during side events focusing on diaspora investment, artificial intelligence (AI), healthcare and sustainable development.

MMTC Founder Julius Mwale stated that the response from investors and African government representatives shows growing interest in African-led development models that combine technology with social and economic transformation. The $4.3 billion in commitments is a significant milestone that demonstrates confidence in the potential of African communities, with the funds aiming to accelerate MMTC's expansion beyond Kenya and create opportunities for communities to benefit from new technologies, healthcare innovations, and economic chances.

MMTC's smart-city model focuses on integrating technology and essential services, with healthcare and innovation being central components. The company plans to replicate the MMTC approach in various African markets, establishing 18 sustainable smart cities by 2050. Mwale emphasized the importance of Africa participating in shaping AI's future rather than merely consuming technologies developed elsewhere, as the continent must apply technology to solve real problems and create opportunities for its people.