African Development Bank and African Continental Free Trade Area Secretariat sign $11 million institutional support grant agreement

The African Development Bank Group (www.AfDB.org) and the African Continental Free Trade Area (AfCFTA) Secretariat signed a Memorandum of Understanding for an $11.24 million support program to enhance the effective implementation of the Secretariat.

The signing took place on July 25, 2022, on the sidelines of the ninth meeting of the AfCFTA Council of Ministers Responsible for Trade, held in Accra, Ghana.

The AfCFTA Secretariat, currently in Phase II of its implementation phase, will benefit from this support program, which aims to boost sustainable intra-African trade and increase the number of participating African member states. The funds are intended to advance Africa’s trade integration agenda.

The grant, approved in July by the African Development Fund Board, will focus on three areas: institutional strengthening of the AfCFTA Secretariat; private sector support for the implementation of the AfCFTA and support for climate resilient regional and continental value chains to boost intra-African trade.

In addition, studies and initiatives will be undertaken to identify new business and economic opportunities for women, to help develop the AfCFTA’s Women and Youth in Trade Protocol, and to support capacity building and targeted business skills for women.

HE Wamkele Mene, Secretary General of the AfCFTA Secretariat signed the agreement on behalf of his organization, while the African Development Bank’s Vice President for Regional Development, Integration and Business Delivery, Yacine Fall, signed on behalf of Dr. Akinwumi Adesina, President of the African Development Bank Group.

Wamkele Mene said, “We welcome the Bank’s support as this is a clear indication of our strategic partnership which will strengthen the capacity of the Secretariat and facilitate the start of meaningful trade under the preferences of the Bank. ‘AfCFTA. The COVID-19 pandemic and current geopolitical tensions have created an urgent collective action philosophy for the implementation of the AfCFTA. We all have a shared responsibility to change the destiny of all Africans as we achieve the laudable goal of the AfCFTA.

“The African Development Bank is proud of the strong partnership with the AfCFTA Secretariat and is confident that this institutional support will help support our respective mandates to drive continental trade and economic transformation in line with the vision of Agenda 2063. of the Africa we want,” Fall said. “Africa’s hope to build back stronger and better lies in the successful implementation of the AfCTA.”

Distributed by APO Group for the African Development Bank (AfDB) Group.

contacts:
African development bank :
Amba Mpoke-Bigg | Communication and External Relations Department|+225 07 57 25 77 00| [email protected]

The African Continental Free Trade Area (AfCFTA):
Grace Khoza | Senior Communications Advisor|+233 551606606 | [email protected]

Elydora Matubanzila |Communication Officer +233 207323201 | [email protected]

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About the African Continental Free Trade Area (AfCFTA):
The African Continental Free Trade Area (AfCFTA) is one of the flagship projects of Agenda 2063: The Africa We Want and entered into force on May 30, 2019. It is a trade agreement of great ambition, which aims to bring together the 55 Member States of the African Union, covering a market of more than 1.3 billion people, with a global reach that includes critical areas of the African economy, such as digital trade and investment protection, among others. By removing barriers to trade in Africa, the AfCFTA’s goal is to significantly boost intra-African trade, particularly trade in value-added production and trade in all service sectors of the African economy. , at a potential of 52.3%. For more information: https://au-AfCFTA.org

About the African Development Bank Group:
The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). Present in 44 African countries with an external office in Japan, the AfDB contributes to the economic development and social progress of its 54 regional member states.

This press release was issued by APO. Content is not vetted by the African Business editorial team and none of the content has been verified or validated by our editorial teams, proofreaders or fact checkers. The issuer is solely responsible for the content of this announcement.

Sara H. Byrd