The African Export-Import Bank (Afreximbank) has unveiled plans for a capacity development initiative designed to enable African businesses to capitalize on the African Continental Free Trade Area (AfCFTA). Announced on Wednesday, this program will be spearheaded by Afreximbank’s academy in conjunction with the AfCFTA Secretariat.
The AfCFTA, which encompasses 54 of the 55 African Union member countries, stands as the largest free trade area globally by the number of participating nations. Afreximbank revealed that the training session, set for September in Cairo, Egypt, will be conducted in partnership with the American University in Cairo.
This program will highlight the business ramifications of AfCFTA and the myriad opportunities it presents for African enterprises. Dr. Yemi Kale, Afreximbank’s Group Chief Economist and Managing Director of Research, remarked that the bank is a pivotal advocate of AfCFTA, aiming to transition Africa from a fragmented, commodity-reliant economic landscape to a dynamic, unified market of around two billion people with a collective GDP of approximately $3.4 trillion.
Dr. Kale emphasized that knowledgeable and well-prepared businesses are crucial for fostering both intra- and extra-African trade and investment. This training initiative is part of numerous capacity-building efforts by Afreximbank to bolster African businesses, enhance their competitiveness, and promote sustainable economic growth.
Tsotetsi Makong, Head of Capacity Building and Technical Assistance at the AfCFTA Secretariat, underscored the critical role of capacity building in the successful implementation of AfCFTA. He noted that empowering corporates and SMEs through training would attract local investments and reduce dependencies on external markets, positioning AfCFTA as a vital tool for mitigating investment risks across Africa.
