Skip to content
Investment

AfCFTA And Equity Join Hands To Deepen Economic Integration

BY Soko Directory Team · July 18, 2022 03:07 pm

KEY TAKEAWAYS

The partnership will among others, support the creation of 50 million jobs by 2025 and 5 million SMEs will receive loans to scale and grow, utilizing tools of the AfCFTA Agreement and create additional private sector lending with an envisaged loan book to be directed to agriculture (30%), manufacturing (15%), MSMEs (65%).

At the margins of the 41st Ordinary Session of the Executive Council of the African Union taking place in Lusaka, Zambia, the African Continental Free Trade Area (AfCFTA) Secretariat and Equity Group have signed a Memorandum of Understanding to deepen the economic integration of the African continent.

The partnership seeks to implement the AfCFTA Agreement and the AfCFTA Private Sector Strategy through the `Africa Recovery and Resilience Plan’, which focuses on the acceleration of economic recovery and resilience in Africa, in a post-COVID-19 environment.

The initiative is designed to showcase a framework for socio-economic transformation for the people of the African continent based on 6 integrated pillars aimed at catalyzing a natural resources-led transformation of Africa, enhancing agriculture output, formalizing extractive value chains, and connecting these primary sectors to global supply chains that are broken and require diversification and secured sourcing.

The two institutions will work on the private sector economic recovery and resilience stimulus plan, which Equity has seeded with a USD 6 Billion fund focusing on the primary sectors of food and agriculture, extractives, manufacturing and logistics, trade and investments, social impact, health, and environmental investments, as well as a technology-enabled economy to accelerate economic recovery and resilience of the African continent.

The partnership will among others, support the creation of 50 million jobs by 2025 and 5 million SMEs will receive loans to scale and grow, utilizing tools of the AfCFTA Agreement and create additional private sector lending with an envisaged loan book to be directed to agriculture (30%), manufacturing (15%), MSMEs (65%).

As the continent’s technical interface with Africa’s development stakeholders and development partners for the realization of accelerated regional integration, the African Union Development Agency-New Partnership for Africa’s Development (AUDA-NEPAD) will collaborate with the institutions through various means, including project financing, trade enhancement, and fund mobilization.

During the signing of the MOU, H.E. Wamkele Mene, Secretary-General of the AfCFTA Secretariat noted that “The AfCFTA will ensure the continent is well positioned to overcome crises such as COVID-19 leveraging on the framework of the AfCFTA Agreement. Our partnership with the Equity Group is a valuable intervention for the African Continent, whereby we acknowledge that trade is going to enable our continent to accelerate economic recovery.

With AUDA-NEPAD, we will also be able to deliver on our respective mandates through the complementarity of our expertise, skills, purpose, and vision, by taking special consideration of the interests of micro-, small, and medium-sized enterprises, women-owned businesses, workers, and youth.”

Dr. James Mwangi, Equity Group Managing Director, and CEO said, “Today’s signing with the African Continental Free Trade Area Secretariat is a significant moment for recovery and resilience of the African continent and for the creation of wealth for our people.

The growth opportunities which the AfCFTA Agreement affords SMEs are unparalleled, making trade and cross-border scaling a possibility for all eligible and interested businesses. Equity Group Foundation provides opportunities to transform lives and livelihoods and capacity building along six pillars which include Education and Leadership Development, Health, Food and Agriculture, Energy and the Environment, Financial Inclusion and Enterprise Development, and Social Protections which serve to leave no one behind in the recovery and resilience of the African continent” said Dr. Mwangi.

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

Trending Stories
Government and Policy Kenya Is Struggling With Debt As Modest Revenue Is Collected With Limited Development Investment Steve Biko Wafula
Headlines Are The SACCOS The Infinite Money Glitch Of Kenya? Soko Directory Team
Entrepreneur's Corner Kenyan Clients Don’t Care Whether You’re In the ICU: The Brutal Truth Of Entrepreneurship Soko Directory Team
Government and Policy Saccos Clamp Down On Struggling Businesses, Recover Sh491 Million In A Ruthless Crackdown Soko Directory Team
Entrepreneur's Corner The Greatest Skill Everyone Should Master Is The Skill Of Knowing How To Manage Money Soko Directory Team
Related Articles
Investment UBA Group To Commence Full Banking Operations In France Soko Directory Team
Headlines New Business Rises At Strongest Pace In Six Months Soko Directory Team
Headlines Are The SACCOS The Infinite Money Glitch Of Kenya? Soko Directory Team
Investment Why HF Group’s Rights Issue Is The Opportunity You Can’t Ignore Steve Biko Wafula
Investment UBA Kenya’s $282 Million Commitment To Kenyan Entrepreneurs Soko Directory Team
Explore Soko Directory
Banking Blogging Commodity Watch Did you know Entertainment Entrepreneur's Corner Feature Government and Policy Headlines Investment Lifestyle Market News Money Opinion Press Releases Stock Watch Technology
Soko Directory Archives