By Modupe Gbadeyanka
In order to accelerate the momentum of the African Continental Free Trade Area Agreement (AfCFTA), the board of African Development Bank (AfDB) has approved an institutional support grant of $4.8 million to the African Union (AU).
The AfCFTA is a major force for continental integration and will expand intra-African trade by up to $35 billion per year and usher in freedom of movement for goods, services and people across the continent’s internal borders, with a regime of reduced tariffs and non-tariff barriers to cut the cost of doing business on the continent. It will also boost agriculture and industrial exports by up to $66 billion per year.
It was disclosed that the bank’s grant is targeted at laying the institutional foundations for the AfCFTA implementation secretariat and the roll out of the implementation programmes.
“The momentum is now in full swing”, said Andoh Mensah, Manager, Trade and Investment Climate Division at the African Development Bank, “It is now crucial to establish a robust, efficient, purpose-driven secretariat, capable of addressing improved stakeholder engagement, inclusiveness and ownership in the AfCFTA implementation”.
The grant will also assist efforts towards full ratification of the agreement by all AU member states including the application of tariff reductions and related commitments, while generating stakeholder support for the AfCFTA to ensure inclusiveness and common ownership.
This is a decisive response to the call by African political leaders for the Bank and other partners to support the AU Commission and work assiduously towards the realisation of AfCFTA objectives.
more recommended stories
Shopify Unveils New Packages for Better e-Commerce Experience
Leading multi-channel commerce platform, Shopify Incorporation,.
UN Rescues 131 Refugees from Libya
A group of 131 refugees were.
Africa’s Debt Still Under Control—AfDB
Treasurer of the African Development Bank.
WorldRemit Introduces New App Features
Leading online money transfer service, WorldRemit,.
Ex-Egyptian President Mohamed Morsi Slumps, Dies in Court
By Modupe Gbadeyanka Former President of.
Russia, Côte d’Ivoire Discuss Cooperation at SPIEF’19
By Kester Kenn Klomegah On the.
Dubai Chamber to Host 5th Global Business Forum on Africa
Dubai Chamber of Commerce and Industry.
Review: Africa At The SPIEF’19
By Kester Kenn Klomegah Foreign Minister.