HANGZHOU - Alibaba founder Jack Ma officially launched a fund Monday with the aim of providing $10 million to outstanding African entrepreneurs in the coming decade.

The Africa Netrepreneur Prize will be awarded to 10 African entrepreneurs each year with a total funding of one million dollars, according to the Jack Ma Foundation.

The first contest will be open for enrollment to all African citizens on March 27, and the final contest is expected to be held in Africa in November.

The foundation aims to nurture 100 outstanding African entrepreneurs by 2030 to help serve the continent.

Alibaba founder Jack Ma announced last August to set up the fund to encourage African people to tap the growing digital economy.