This article was produced with the support of Ecobank
The African Continental Free Trade Area Secretariat and Ecobank Group have signed a landmark Memorandum of Understanding aimed at accelerating intra-African trade, deepening economic integration and narrowing the continent’s trade finance gap.
The agreement seeks to expand access to trade and finance opportunities for African businesses, with a particular focus on small and medium-sized enterprises (SMEs), women-led businesses and young entrepreneurs.
The partnership establishes a strategic framework to support implementation of the African Continental Free Trade Area (AfCFTA) and advance the objectives of the African Union’s Agenda 2063, “The Africa We Want”. The AfCFTA is creating an integrated single market spanning more than 1.3 billion people with a combined GDP estimated at $3.4 trillion.
The agreement also builds on Ecobank’s recently announced $3bn trade finance commitment, unveiled at the Africa Forward Summit in Nairobi. The funding, to be deployed over the next three years in partnership with development finance institutions, is intended to support trade both within Africa and between Africa and global markets.
