AFDB PROVIDES E86.6M TO AFCFTA
MBABANE - The African Development Bank Group provided an E86.6 million (US$5 million) institutional support grant to the AU towards the establishment of the AfCFTA secretariat.
AfCFTA is the acronym for African Union Commission inaugurates African Continental Free Trade Area. Last year, the Kingdom of Eswatini was competing against some of the continent’s biggest economies to win hosting rights for the AfCFTA Secretariat. The African Development Bank (AfDB) congratulated the African Union (AU)/AfCFTA on the investiture of the Secretariat hosted by Ghana on August 17, 2020. “The Bank is delighted to be associated with this groundbreaking, game-changing, transformational continental initiative in furtherance of the objective to create the Africa we want,” said Solomon Quaynor, the Bank’s Vice-President for the Private Sector, Infrastructure and IndustrialiSation.
“Our support to the AfCFTA is in keeping with the Bank’s role of continental leadership in helping to build special-purpose vehicles that are critical to the successful implementation of crucial institutions to accelerate Africa’s economic development objectives,” Quaynor added. At a ceremony this past Monday to commission the permanent secretariat of the African Continental Free Trade Area (AfCFTA), Ghana’s President Nana Akufo-Addo and Moussa Faki Mahamat, chairperson of the AU Commission, reiterated the importance of the body to the continent’s economic transformation agenda.
Integration
“The economic integration of Africa will lay strong foundations for an Africa beyond aid. Africa’s new sense of urgency and aspiration of true self-reliance will be amply demonstrated by today’s ceremony,” Akufo-Addo said. Ghana was selected as the venue for the headquarters by African leaders during a Summit of AU Heads of states in Niamey in July last year, to launch the implementation phase of the agreement, which is expected to spur regional trade among member countries. Currently, 54 states have signed on to AfCFTA, out of which 28 have ratified.
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