The African Continental Free Trade Area (AfCFTA) Secretariat has announced its commitment to mobilize $10 billion to bolster the development of small and medium-scale enterprises led by youth across Africa.
The AfCFTA revealed that it has already allocated $150 million to support the burgeoning businesses of young entrepreneurs in Africa. Additionally, it aims to augment its funding resources through partnerships with institutions such as the United Bank of Africa and the Africa Exim Bank.
Delivering his address at a ceremony to welcome the President of Kenya, H.E. Dr. William Ruto to the AfCFTA Secretariat, the Secretary General of AfCFTA Secretariat, Wamkele Mene emphasized the role of the secretariat in promoting youth-led businesses in Africa.
“We’re signing an MOU with United Bank of Africa, where they are committed to disburse 7 billion dollars to SMEs that are led by young people. It has been reported to us that already 150 million dollars under this fund has been disbursed. We will mobilize up to 10 billion dollars to ensure in the implementation of AfCTA, young people are at the centre to benefit.”
The President of Kenya, Dr. William Ruto expressed readiness to collaborate with President Akufo-Addo to ensure all financial establishments under the African Union are ratified to facilitate trade and investment opportunities between the two countries.
“I want to specifically underscore the importance of us working together and building synergies and creating institutions. I will be working with President Akufo-Addo to make sure that all financial institutions under the AU, from the fund to the bank, to the insurers are all ratified. So that we can build the necessary financial ecosystem to support trade, investments and businesses in our continent.”
Source: Citinews