The African Continental Free Trade Area (AfCFTA) Secretariat has committed to mobilizing $10 billion to support the growth of small and medium-scale enterprises (SMEs) led by youth across Africa. This announcement comes as part of the AfCFTA's efforts to foster economic development and empower young entrepreneurs on the continent.
At a ceremony welcoming the President of Kenya, H.E. Dr. William Ruto, to the AfCFTA Secretariat, the Secretary-General, Wamkele Mene, highlighted the importance of promoting youth-led businesses. He revealed that the AfCFTA has already allocated $150 million to support young entrepreneurs and aims to increase its funding through partnerships with institutions like the United Bank of Africa and the Africa Exim Bank.
Mene emphasized the signing of a memorandum of understanding (MOU) with the United Bank of Africa, which has committed to disbursing $7 billion to SMEs led by young people. He stressed the AfCFTA's goal of ensuring that young people are at the forefront of benefiting from the implementation of the trade agreement.
In response, President William Ruto expressed readiness to collaborate with President Akufo-Addo to ratify all financial establishments under the African Union. He emphasized the importance of building a robust financial ecosystem to support trade, investments, and businesses across the continent.
