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    BREAKING NEWS
    A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validatedd by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development
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    African Import-Export Bank and International Trade Centre Teamed to Boost African Business

    Posted On 05 Jun 2020
    By : New Africa Business News, Staff Correspondent
    Comments: 10

    By Abdul Rahman Bangura–

    Photo Credit: Afreximbank

    NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone-  African Import-Export Bank (Afreximbank) and International Trade Centre (ITC) are co-operating to assist enterprises earn the most of the African Continental Free Trade Area.

    An assertion from the Bank, and made accessible to the media on June 3rd, 2020, that the training programme, tagged How to Export within the AfCFTA, is being inaugurated as the new free-trade area arrives on stream and amid the financial burden of climate change and the the Novel Coronavirus pandemic.

    The training will give business holders, the proficiency and abilities they wish to commit effectively in cross-border trade under terms of the arising free-trade area for Africa. Intra-African trade is structurally low at 15% (compared to Europe at nearly 70%, for example), and the AfCFTA will open a market of 1.2 billion people.

    “Against the backdrop of the current COVID-19 health and economic crisis, African micro, small and medium enterprises (MSMEs) need support to take full advantage of the continental market,” ITC acting Executive Director Dorothy Tembo said.

    “Through this partnership, African businesses will have the opportunity to learn, plan and succeed in growing their business by taking full advantage of the AfCFTA”, further said.

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    Kanayo Awani, Managing Director of Afreximbank’s Intra-African Trade Initiative, asserted that, the initiative was essential because boosting intra-African trade through exports of goods and services by small and medium-sized enterprises (SMEs) was the cornerstone of the AFCFTA.

    “It signals an optimal strategy to aid businesses and develop regional value chains, which have become more relevant with the advent of the COVID-19 pandemic,” she said.

    “Our joint initiative with ITC is a proactive way to support the implementation of the AfCFTA and to provide SMEs with the tools to respond more effectively to the economic and social challenges presented by the global pandemic,” added Ms. Awani.

    The training programme, which rides via ITC’s outstanding multilingual SME Trade Academy platform, under the auspices of the Afreximbank Academy (AFRACAD), will be piloted in Nigeria, Rwanda, and Côte d’Ivoire and be launched in close collaboration with trade promotion organizations of the three selected pilot countries.

    Afreximbank and ITC will work toward increasing opportunities for small-business owners to export and supporting countries to achieve their overall trade goals at the regional, continental and global levels.

    ITC is also partnering with Afreximbank to fund South Sudan in improving its trade competitiveness, boosting its exports through economic diversification and building enterprise chances through the development of a trade and investment growth policy.

    This will specify various emphasis areas, with an ability for trade and heightening job opportunities − especially for women and young people. I will work with the country’s ministry of

    trade, investment agencies, and private-sector associations to ensure the strategy provides sustainable solutions for the country’s development.

     

     

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    AFRICAN CONTINENTAL FREE TRADE AREA (AfCFTA)
    Accelerating Intra-African Trade and Boosting Africa’s Trading Position in the Global Market by Strengthening Africa’s Common Voice and Policy Space in Global Trade Negotiations. For More Information Contact: African Union Headquarters, P.O. Box 3243, Roosvelt Street W21K19, Addis Ababa  Ethiopia,  Tel: +251 11 551 77 00  Fax: +251 11 551 78 44.

     

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    For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent

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    About the Author
    New Africa Business News Staff Correspondent
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    10 Comments

    1. Maria June 5, 2020 at 2:18 am Reply

      AfCFTA will increase trade in the Continent. Great job African Union! Maria. Oslo Norway.

      • New Africa Business News, Staff Correspondent June 5, 2020 at 2:20 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Johnson June 5, 2020 at 2:27 am Reply

      We are happy to see trade grow within us. Past over due. Brilliant idea. Johannesburg SOUTH AFRICA. Johnson

      • New Africa Business News, Staff Correspondent June 5, 2020 at 2:52 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Peter June 5, 2020 at 2:31 am Reply

      So happy we Africans have no race issue unlike other countries. One Africa. Peter in Kampala Uganda.

      • New Africa Business News, Staff Correspondent June 5, 2020 at 2:44 am Reply

        Yes, Africa race has never being an issue. Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. George June 5, 2020 at 2:36 am Reply

      Why white males in the United States hate black people, especially the so call police? London England. George!

      • New Africa Business News, Staff Correspondent June 5, 2020 at 2:43 am Reply

        Some of them are bad human beings and worst cowards. They destroyed tens of millions of black Americans life. Destroyed many families and continue destroying black Americans life. Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    5. Michelle June 5, 2020 at 3:24 am Reply

      Thank you for your beautiful reporting. I love new Africa news. Great newspaper! HONGKONG! Michelle.

      • New Africa Business News, Staff Correspondent June 5, 2020 at 3:26 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

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    A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validatedd by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development

    $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa's established Broadband Coverage by 2030

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    • A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validatedd by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development
    • $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa’s established Broadband Coverage by 2030
    • Nigeria Launches National Domestic Payments Card Program
    • In Guinea-Bissau, ECOWAS Parliament held a 3 Day Seminar on the Adoption of a Single Currency for Member African States
    • $30 Billion has been pledged by the African Development Bank and Development Partners to Finance Food and Farming in the Next Five Years

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