The African Continental Free Trade Area (AfCFTA) Secretariat has pledged to allocate $10 billion to support the growth of small and medium-sized enterprises, primarily led by youth in Africa.
According to the Secretariat 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.
The Secretary General of AfCFTA Secretariat, Wamkele Mene disclosed this while delivering his address at a ceremony to welcome the President of Kenya, H.E. Dr. William Ruto to the AfCFTA Secretariat.
“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.”
Kenya’s President Dr. William Ruto is ready to collaborate with President Akufo-Addo to ratify all financial establishments under the African Union, facilitating trade and investment opportunities 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.”
By: Rainbowradioonline.com/Ghana
