The African Export-Import Bank (Afreximbank) has announced the launch of a capacity development programme designed to empower African businesses to harness the opportunities presented by the African Continental Free Trade Area (AfCFTA). In a statement released on Wednesday, Afreximbank revealed that the capacity-building initiative will be led by its academy in partnership with the AfCFTA Secretariat.
Scheduled for September in Cairo, Egypt, the training will be conducted in collaboration with the American University in Cairo. The program will focus on the business implications of the AfCFTA and the myriad opportunities it offers to African enterprises. The AfCFTA, encompassing 54 of the 55 African Union nations, stands as the largest free trade area globally by the number of participating countries.
Dr. Yemi Kale, Group Chief Economist & Managing Director of Research at Afreximbank, emphasized the bank’s commitment to supporting the AfCFTA’s implementation. He highlighted the transformative potential of the AfCFTA in shifting Africa from a fragmented, commodity-dependent group of economies to a dynamic, integrated single market of about two billion people with a combined GDP of approximately $3.4 trillion. “Well-informed and prepared businesses are crucial for driving intra- and extra-African trade and investment,” Dr. Kale stated. “This training program aims to empower African businesses to fully exploit the vast opportunities created by the AfCFTA, enhancing their competitiveness and contributing to sustainable economic growth in Africa.”
Tsotetsi Makong, Head of Capacity Building and Technical Assistance at the AfCFTA Secretariat, underscored the significance of capacity building for the successful implementation of the AfCFTA. “Investing in capacity building for corporates and SMEs ensures that home-sourced investments are mobilized, and deficits with third country markets are reduced,” Makong said. “This proves the AfCFTA to be the single most important instrument that de-risks the African continent entirely when it comes to investments.”
The program represents one of Afreximbank’s numerous initiatives aimed at promoting intra- and extra-African trade and investments. By enhancing the knowledge and preparedness of African businesses, the bank seeks to drive economic integration and development across the continent.
