The Secretariat of the African Continental Free Trade Area (AfCFTA) has announced that it will raise $10 billion to support the growth of small and medium-sized businesses in Africa that are championed by youth.
The secretariat stated that it had already set aside $150 million to help young African entrepreneurs with their expanding enterprises. Additionally, through collaborations with organizations like the Africa Exim Bank and the United Bank of Africa, it hopes to augment its funding sources.
During the event to welcome Kenyan President H.E. Dr. William Ruto to the AfCFTA Secretariat, Secretary General Wamkele Mene stressed the secretariat’s role in supporting youth-led firms 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 that in the implementation of AfCFTA, young people are at the centre to benefit,” he noted.
Dr. William Ruto, the president of Kenya, has stated that he is willing to work with President Akufo-Addo to make sure that all financial institutions under the African Union are recognized in order to promote trade and investment between the two nations.
“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: MOI (PR Unit)
