AfreximBank to train businesses in AfCFTA

• Published On: 12 July 2024 at 20:23

The African Export-Import Bank announced plans to launch a capacity development program aimed at empowering African businesses 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 programme in collaboration with the AfCFTA Secretariat.

The AfCFTA is a free trade agreement signed by 54 of the 55 African Union member 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 ramifications and the myriad opportunities that the Agreement provides for African enterprises.

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Dr Yemi Kale, Group Chief Economist & Managing Director of Research at Afreximbank, commented on the programme, saying, "Afreximbank is a key supporter of the implementation of the AfCFTA, which aims to transform 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 $3.4 trillion.

"In this sense, we feel that well-informed and prepared firms are critical for increasing intra- and extra-African trade and investment. We hope to empower African businesses to fully exploit the vast opportunities created by the AfCFTA, thereby increasing their competitiveness and contributing to Africa's long-term economic growth, through this training program, which is one of the numerous capacity-building initiatives the Bank has implemented to promote intra- and extra-African trade and investments.


Tsotetsi Makong, Head of Capacity Building and Technical Assistance at the AfCFTA Secretariat, underlined the need of capacity building for the AfCFTA's successful implementation.

Makong continued: "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."