The African Export-Import Bank announced plans to create a capacity development program targeted at allowing African enterprises to capitalize on the opportunities provided by the African Continental Free Trade Area.
The continental bank announced on Wednesday that its academy would lead the capacity-building initiative in partnership with the AfCFTA Secretariat.
AfCFTA is a free trade agreement signed by 54 of the 55 African Union countries, resulting in the world’s largest free trade area in terms of participation.
Afreximbank stated that the training, slated for September in Cairo, Egypt, would be provided in partnership with the American University in Cairo.
The bank stated that it will focus on the AfCFTA’s business implication and the myriad opportunities that the Agreement provides for African enterprises.
Commenting on the programme, the Group Chief Economist & Managing Director of Research at Afreximbank, Dr Yemi Kale, said, “Afreximbank is a key supporter of the implementation of the AfCFTA whose focus is on transforming Africa from a fractured, commodity-dependent group of economies to a vibrant, integrated single market of about two billion people with a combined GDP of about$3.4tn.
“In this regard, we believe that well-informed and prepared businesses are key to driving intra- and extra-African trade and investment. Through this training program, which is one of the numerous capacity-building initiatives the Bank has put in place to promote intra- and extra-African trade and investments, we aim to empower African businesses to fully exploit the vast opportunities created by the AfCFTA, thereby enhancing their competitiveness and contributing to sustainable economic growth in Africa.”
Meanwhile, the Head of Capacity Building and Technical Assistance at the AfCFTA Secretariat, Tsotetsi Makong emphasized the significance of capacity building in the successful implementation of the AfCFTA.
Makong said, “Investing in capacity building for the corporates and SMEs will ensure that home-sourced investments are mobilised and deficits with third country markets reduced, proving the AfCFTA to be the single most important instrument that de-risks the African continent in its entirety when it comes to investments.”
