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Kampala, Uganda | THE INDEPENDENT | Africa’s multi-lateral lender, African Export-Import Bank has unveiled a capacity development program aimed at empowering African corporates to leverage the opportunities offered by the African Continental Free Trade Area (AfCFTA).
This initiative, spearheaded by Afreximbank Academy (AFRACAD) in partnership with the AfCFTA Secretariat, is designed to equip businesses with the essential skills and knowledge needed to excel in the evolving intra-African trade landscape.
Scheduled to take place from September 9-13, 2024, in Cairo, Egypt, the training program will be delivered in collaboration with the American University in Cairo and the AfCFTA Secretariat.
The program will focus on the business implications of AfCFTA and explore the various opportunities the Agreement presents for African corporates. It aims to provide members of Afreximbank’s TRADAR Club and other participants with practical insights to harness the benefits of the Agreement effectively.
The training will also translate complex AfCFTA treaty instruments into accessible language for businesses and outline the requirements for seizing opportunities in the expanding AfCFTA market.
Dr. Yemi Kale, the Group Chief Economist & Managing Director of Research at Afreximbank, emphasized the importance of building the necessary competencies to enable local industries to fully benefit from AfCFTA’s single market arrangements.
“Afreximbank is a staunch supporter of AfCFTA’s implementation, with a vision of transforming Africa from a fragmented, commodity-dependent region into a unified market of approximately 2 billion people and a combined GDP of about US$3.4 trillion,” Dr. Kale said.
“We believe that well-informed and prepared businesses are pivotal in driving intra- and extra-African trade and investment. Through this training program, part of our broader capacity-building efforts, we aim to empower African businesses to exploit the vast opportunities created by AfCFTA, thus enhancing their competitiveness and contributing to sustainable economic growth across the continent.”
Tsotetsi Makong, Head of Capacity Building and Technical Assistance at the AfCFTA Secretariat, highlighted the significance of investing in corporate and SME capacity building.
“Investing in capacity building ensures mobilization of home-sourced investments and reduces deficits with third-country markets. AfCFTA stands as a crucial instrument that mitigates investment risks across the African continent,” he said.
