By Muhammad Amaan
African Export-Import Bank (Afreximbank) has unveiled an innovative capacity development programme to empower African corporates to capitalise on the opportunities presented by the African Continental Free Trade Area (AfCFTA).
A statement by Vincent Musumba, Manager, Communications and Events, Afreximbank, on Wednesday said the initiative, was spearheaded by Afreximbank Academy (AFRACAD) in collaboration with the AfCFTA Secretariat.
He said the programme aimed to equip businesses with the necessary skills and knowledge to navigate and thrive in the evolving intra-African trade landscape.
Musumba said the training was scheduled to run from September 9 to September13, 2024, in Cairo, Egypt and would be delivered in collaboration with the American University, Cairo.
He said the AfCFTA Secretariat would focus on the business implications of AfCFTA and the numerous opportunities which the agreement presents for African corporates.
“It will also equip members of Afreximbank’s TRADAR Club and other participants with practical insights to enable them to leverage the benefits and opportunities presented by the Agreement.
“Additionally, it will help translate the various treaty instruments of the AfCFTA into practical language that corporates can easily understand.
Musumba said the training would also provide an exposé on the requirements businesses must meet to seize opportunities in the continually expanding AfCFTA market.
He quoted Dr Yemi Kale, Group Chief Economist/ Managing Director of Research, Afreximbank, as saying: “Afreximbank is a key supporter of the implementation of the AfCFTA whose focus is on transforming Africa.
“Transforming Africa from a fractured, commodity-dependent group of economies to a vibrant, integrated single market of about two billion people with a combined Gross Domestic Product (GDP) of about 3.4 trillion dollars.
“In this regard, we believe that well-informed and prepared businesses are key to driving intra- and extra-African trade and investment.”
Kale said through the training programme, the bank aimed to empower African businesses to fully exploit the vast opportunities created by the AfCFTA, thereby enhancing their competitiveness and contributing to sustainable economic growth in Africa.
Musumba said Mr Tsotetsi Makong, Head, Capacity Building and Technical Assistance, AfCFTA Secretariat emphasised the importance of capacity building for the successful implementation of the AfCFTA.
He quoted Makong as saying, “Investing in capacity building for the corporates and SMEs will ensure that home sourced investments are mobilised and deficits with third country markets reduced.
“This will prove the AfCFTA to be the single most important instrument that de-risks the African continent in its entirety when it comes to investments.”
