The African Continental Free Trade Area (AfCFTA) Secretariat has secured $11.24 million grant from the African Development Bank to accelerate African intra-trade.
The AfCFTA Secretariat, currently in phase II of its implementation phase, will benefit from this support package, which aims to boost sustainable intra-Africa trade and to augment the number of participating African member states, AfDB said.
Under the Institutional Support Grant approved in July by the AfDB Board of Directors the funds will support institutional strengthening of the AfCFTA Secretariat, aid collaboration with the private sector to implement the AfCFTA, and support of climate-resilient regional and continental value chains to boost intra-Africa trade.
“We welcome the support of the Bank as this is a clear indication of our strategic partnership that will strengthen the capacity of the Secretariat and facilitate the start of commercially meaningful trade under the AfCFTA preferences. The COVID-19 pandemic and the current geopolitical tensions have created an ethos of urgent collective action for the implementation of the AfCFTA. We all have a shared responsibility to change the destinies of all Africans as we achieve the laudable objective of the AfCFTA,” said Wamkele Mene, AfCFTA Secretariat Secretary-General.
The secretariat is expected to carry out studies and initiatives to identify new business and economic opportunities for women, to help develop the AfCFTA Women and Youth in Trade Protocol, and to support capacity building and targeted business skills for women.
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“The African Development Bank is proud of the strong partnership with the AfCFTA Secretariat and confident that this institutional support will help support our respective mandates to spur greater continental trade and economic transformation, in line with Agenda 2063’s vision of the Africa we want. Africa’s hope for building back strong and better lies with the successful implementation of the AfCTA.” added Yacine Fal, AfDB Vice President for Regional Development, Integration and Business Delivery.
As of June this year, 54 African countries had signed the AfCFTA agreement with 42 member states having ratified the agreement.
Increase in the African intra-trade is further expected to alleviate at least 30 million Africans from extreme poverty and add $450 billion in income by 2035
Source: KBC
