Optimizing Development Finance Outcomes through Artificial Intelligence: Policy Recommendations

Deo Shao ()
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Deo Shao: University of Johannesburg

Africagrowth Agenda, 2024, vol. 21, issue 2, 18-21

Abstract: This study explores the potential role of Artificial Intelligence (AI) in Development Finance (DF) and provides an initial assessment of the implications of AI for the efficiency, effectiveness and inclusiveness of development projects. The study situates AI within the evolution of DF as a form of public good. It explains how AI could disrupt DF to make decision-making more accurate, transparent and efficient, as well as identify new investment opportunities. The study also highlights potential challenges and ethical dilemmas posed by AI integration. The study concludes by proposing several strategic policy considerations to address these challenges. Some key recommendations for integrating AI into development finance include: (i) investing in research to identify how AI can best be utilized in development finance; (ii) promoting publicprivate partnerships to foster collaboration across AI researchers and developers, development finance stakeholders, and civil society organizations to share knowledge and best practices, as well as explore new and innovative ways of utilizing the technology in DF; (iii) building capacity for stakeholders across the data value chain; and finally (iv) developing appropriate ethical and regulatory frameworks to ensure the responsible integration of AI. The study calls for future work on how AI can be leveraged for good to help foster a more modern world rooted in human equality.

Date: 2024
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