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A memorandum of understanding signed between Zlecaf and Equity Group to boost intra-African trade

It is a new framework for improving intra-African trade. Equity Group and the African Continental Free Trade Area (AfCFTA) Secretariat have signed an agreement to boost intra-community trade through investments in small and medium enterprises. The objective of the initiative should be to present a framework of socio-economic transformation for the populations of the African continent.

Accelerate post covid-19 economic recovery and build the resilience of the African economy through the AfCFTA Private Sector Strategy through the “Africa Economic Recovery and Resilience Plan. This is the objective of the Memorandum of Understanding signed between the Secretariat of the African Continental Free Trade Area (AfCFTA) and Equity Group on the sidelines of the 41st Ordinary Session of the Executive Council of the African Union held on July 17, 2022 in Lusaka, Zambia.

“Today’s signing with the African Continental Free Trade Area Secretariat is an important moment for the recovery and resilience of the African continent and for the creation of wealth for our people. The growth opportunities that the ZLECAF agreement offers to SMEs are unprecedented, making cross-border trade and scaling possible for all eligible and interested businesses. »

Jamea Mwangi , Chief Executive Officer of Equity Group Holdings – Kenya

Under the terms of the agreement, five million African SMEs will have the opportunity to access the economic recovery and private sector resilience plan with a fund of USD 6 billion to expand their operations in the sectors of the sector. agriculture, mining, logistics, trade, health and environment. A situation that should lead to the creation of 25 million jobs on the continent.

We have a vision supported by the foresight of African leaders for several years, that of making this market of more than 1.3 billion people a single common market. Our job at the Zlecaf secretariat is to work to make this vision a reality by abolishing the various barriers that hinder the development of intra-African trade and investment, as well as the fragmentation of the African market that we have observed over the past 70 years. .

Wamkele Mene , Secretary General of Zlecaf – South Africa

Active since January 2021, the African Continental Free Trade Area (AfCFTA) covers a market of over 1.3 billion people and aims to boost intra-African trade in all service sectors of the economy.

Source: Africa24

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