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Resource: https://www.tralac.org/resources/by-region/cfta.html

Background*

The 18th Ordinary Session of the Assembly of Heads of State and Government of the African Union, held in Addis Ababa, Ethiopia in January 2012, adopted a decision to establish a Continental Free Trade Area by an indicative date of 2017. The Summit also endorsed the Action Plan on Boosting Intra-Africa Trade (BIAT) which identifies seven priority action clusters: trade policy, trade facilitation, productive capacity, trade related infrastructure, trade finance, trade information, and factor market integration.

African leaders held an Extraordinary Summit on the African Continental Free Trade Area (AfCFTA) from 17-21 March 2018 in Kigali, Rwanda, during which the Agreement establishing the AfCFTA was presented for signature, along with the Kigali Declaration and the Protocol on Free Movement of Persons, Right to Residence and Right to Establishment. In total, 44 out of the 55 AU member states signed the consolidated text of the AfCFTA Agreement, 47 signed the Kigali Declaration and 30 signed the Protocol on Free Movement.

  pdfLegal instruments signed at the 10th Extraordinary Summit on the launch of AfCFTA (323 KB)

The AfCFTA will bring together all 55 member states of the African Union covering a market of more than 1.2 billion people, including a growing middle class, and a combined gross domestic product (GDP) of more than US$3.4 trillion. In terms of numbers of participating countries, the AfCFTA will be the world’s largest free trade area since the formation of the World Trade Organization. Estimates from the Economic Commission for Africa (UNECA) suggest that the AfCFTA has the potential both to boost intra-African trade by 52.3 percent by eliminating import duties, and to double this trade if non-tariff barriers are also reduced.

UNECA’s African Trade Policy Centre (ATPC) and the African Union Commission (AUC) have stated: “AfCFTA is an opportunity for development in Africa. But it must be wielded by private enterprise. Through doing so, businesses can benefit from the great opportunities that the continent has to offer, and contribute to its sustainable growth and development.”

  pdfAfCFTA Questions and Answers (French) (377 KB)

The main objectives of the AfCFTA are to create a single continental market for goods and services, with free movement of business persons and investments, and thus pave the way for accelerating the establishment of the Customs Union. It will also expand intra-African trade through better harmonization and coordination of trade liberalization and facilitation and instruments across the RECs and across Africa in general. The AfCFTA is also expected to enhance competitiveness at the industry and enterprise level through exploitation of opportunities for scale production, continental market access and better reallocation of resources.

The establishment of the AfCFTA and the implementation of the BIAT Action Plan provide a comprehensive framework to pursue a developmental regionalism strategy. The former is conceived as a time bound project, whereas BIAT is continuous with concrete targets to double intra-African trade flows from January 2012 and January 2022.

  • Decision on Boosting Intra-African Trade and Fast Tracking the Continental Free Trade Area (PDF, 34 KB)
  • Declaration on Boosting Intra-African Trade and The Establishment of a Continental Free Trade Area (CFTA) (PDF, 92 KB)
  • Boosting Intra-African Trade: Issues Affecting Intra-African Trade, Proposed Action Plan for Boosting Intra-African Trade and Framework for the fast-tracking of a CFTA (PDF, 928 KB)
  • Synthesis Paper on Boosting Intra-African Trade and Fast Tracking the Continental Free Trade Area (PDF, 72 KB)

Negotiations

The Continental Task Force (CTF) on the CFTA, which met for the first time in October 2013, is tasked with coordinating actions between the African Union Commission and the Regional Economic Communities to ensure that the CFTA negotiations are conducted within the agreed timelines. Negotiations for the establishment of the CFTA were officially launched in June 2015 in Johannesburg, South Africa. H.E Mahamadou Issoufou, President of the Republic of Niger, was mandated by the 28th Ordinary Session of the AU Assembly of Heads of State and Government in January 2017 to champion the process of the CFTA. A Progress Report on the CFTA negotiations was received by the 29th AU Assembly in July 2017.

The CFTA Negotiating Forum (CFTA-NF) has held eight meetings towards the finalisation of the draft modalities for negotiations on both tariff liberalisation and trade in services. Four meetings of the CFTA Technical Working Groups were held in 2017: in February (Kigali), April (Nairobi), August (Durban) and November (Abuja), giving trade experts the opportunity to provide technical inputs in the draft CFTA texts. The 8th Negotiating Forum arrived at three outcomes on the CFTA: Framework Agreement on the CFTA, Protocol on Goods, and Protocol on Trade in Services and a built-in agenda. The three documents were formally approved and adopted by African Trade Ministers in Niamey, Niger in December 2017.

The fifth meeting of African Union Ministers of Trade (AMOT), held in Kigali, Rwanda on 8-9 March 2018, adopted the legal instruments constituting the African Continental Free Trade Area (AfCFTA), namely (a) the Agreement Establishing the AfCFTA, (b) the Protocol on Trade in Goods, (c) the Protocol on Trade in Services, and (d) the Protocol on Rules and Procedures for the Settlement of Disputes. Legal scrubbing of the documents was concluded during the Ministerial Meeting of the Second Extra-Ordinary Session of the Specialized Technical Committee on Justice and Legal Affairs held on 14 and 15 March ahead of the official signing ceremony which took place during the 10th Extraordinary Summit of the Assembly of the AU on 21 March 2018 in Kigali.

Following the submission of tariff concession schedules for trade in goods by each State Party (including the particular 90 percent of products that are to be liberalised, list of sensitive products requiring an extended time period for liberalisation, and list of excluded products that are to be temporarily exempted from liberalisation), initial market access offers on trade in services, and development of a list of product-specific rules of origin (part of the built-in agenda), the AfCFTA will then enter into force after the deposition of the 22nd instrument of ratification with the Chairperson of the African Union Commission.

  • Update on the outcome of the Third Meeting of the CFTA Technical Working Groups - Durban, September 2017 (PDF, 234 KB)
  • Update on the Continental Free Trade Area negotiations: Presentation by Mr. Prudence Sebahizi, Chief Technical advisor on the CFTA and Head of CFTA Negotiations Support Unit, AUC - 2017 African Prosperity Conference (PDF, 3.27 MB)
  • Fast-tracking the Continental Free Trade Area: Regional Economic Communities (RECs) as Building Blocks: Paper by Mr. Prudence Sebahizi, African Union Commission - November 2016 (PDF, 811 KB)
  • Decision to establish a High Level Panel of five eminent persons to champion the fast tracking of the CFTA - 27th AU Assembly, July 2016 (PDF, 293 KB)
  • Decision on the Launch of Continental Free Trade Area Negotiations - Johannesburg, June 2015 (PDF, 165 KB)
  • Declaration on the Launch of The Negotiations for the Establishment of the Continental Free Trade Area (CFTA) - Johannesburg, June 2015 (PDF, 166 KB)
  • Draft Framework, Road Map and Architecture For Fast-tracking the Continental Free Trade Area (CFTA) (PDF, 117 KB)
  • Decision to convene a Dedicated Session of Senior Officials to develop a Road Map towards the launch of the CFTA negotiations - 26th AU Executive Council, January 2015 (PDF, 449 KB)
  • Decision on the Report of the High Level African Trade Committee (HATC) on Trade Issues - 24th AU Assembly, January 2015 (PDF, 312 KB)
  • Update on the Continental Free Trade Area (CFTA) and Work Plan for the AU Commission for the Preparatory Phase of the CFTA Negotiations, 2014 (PDF, 204 KB)
  • Decision on the Report of the Extraordinary Session of the AU Conference of Ministers of Trade (CAMOT) - April 2014 (PDF, 98 KB)
  • Decision on the Report of the High Level African Trade Committee (HATC) on Trade Issues - 22nd AU Assembly, January 2014 (PDF, 165 KB)
  • Draft objectives and guiding principles for negotiating the Continental Free Trade Area (CFTA) - 2nd Meeting of the CFTA Continental Task Force (CTF), April 2013 (PDF, 1.34 MB)

Stakeholder Perspectives

Partnering with governments by business is essential to ensure and facilitate investment in the accompanying measures necessary to complement the AfCFTA. This includes intra-African trade infrastructure as well as supplying trade finance, trade information, and logistics services. Such provisions will help businesses recognize and realize the trading opportunities available through AfCFTA. Additionally, more active involvement of the private sector in terms of advocacy is required in order to ensure direct input into the AfCFTA negotiating institutions to ensure that the AfCFTA is shaped to assist the business community to trade in Africa.

Although an advocacy and communication strategy has been developed to ensure that there is a buy in from all stakeholders in the AfCFTA – the AUC, RECs, member states, civil society, parliamentarians, and the private sector – African civil society organisations have made several calls for citizens, workers, farmers, traders, producers, enterprises, and the private sector to participate more effectively in negotiations towards the AfCFTA to ensure their concerns and views are adequately reflected.

  • Civil Society Advocacy around the Continental Free Trade Area (CFTA) Timeline 2016-2017 (PDF, 289 KB)
  • Report: The Continental Free Trade Area (CFTA) in Africa – A Human Rights Perspective - FES and UNECA, July 2017 (PDF, 597 KB)
  • African Civil Society Statement on the Continental Free Trade Agenda at Africa Trade Week 2016 - November 2016 (PDF, 61 KB)
  • Déclaration de la société civile africaines préalablement à la Semaine du commerce africain sur la Zone de libre-échange continentale - November 2016 (PDF, 60 KB)
  • The CFTA We Want: African Civil Society Demands at Africa Trade Week - November 2016 (PDF, 55 KB)
  • Scoping study: Designing the Continental Free Trade Area (CFTA) – An African Human Rights Perspective - Friedrich-Ebert-Stiftung, May 2016 (PDF, 1.74 MB)
  • Report: Colloquium on Africa’s Continental Free Trade Agreement (CFTA) – Internal coherence and external threats - TWN-Africa and ATPC, March 2016 (PDF, 849 KB)
  • The CFTA: Elements, Expectations, Schedules and Challenges - Presentation by Prudence Sebahizi, CSOs Consultations in Accra, March 2016 (PDF, 4.46 MB)
  • Transparency, Consultation and Participation in the CFTA Negotiations in Africa: Recommendations from the Multi-Stakeholder Expert Workshop on a Potential Human Rights Impact Assessment (HRIA) of the CFTA (2015-2017) (PDF, 283 KB)

* Please note: Registration is required in order to download Resources files.


Research and analysis

tralac has been monitoring the AfCFTA negotiations with keen interest. Several papers, briefs and discussion notes have been published to encourage debate and inform government officials, policymakers, and interested stakeholders on key issues involved in the negotiation of Africa’s mega-FTA.


While tralac endeavours to list current legal instruments, we cannot accept responsibility or liability for any inaccuracies or omissions. The negotiation, ratification, implementation and/or modification of these instruments is an ongoing process and not always well-reported or updated by the relevant authorities. All documents are in English unless stated otherwise.

By Simion Allison, retrieved from Mail & Guardian

A cross section of Africa’s most powerful people gathered in Kigali this week to sell a dream - and sell it hard.

Rwandan President Paul Kagame, who revelled in his role as host of this extraordinary African Union (AU) summit, described this dream as “among the most consequential actions that this Assembly has ever taken”. Former Nigerian President Olusegun Obasanjo said that anyone who did not support it was a “criminal”. South Africa’s Cyril Ramaphosa invoked not one but three liberation heroes to underscore the significance of the moment:

“This is probably just as important as the formation of Organisation of African Unity (OAU). This is what Kwame Nkrumah dreamt of, what Julius Nyerere wanted to see, what Nelson Mandela wanted to see realised. It’s truly a new dawn for Africa,” he said.

The presidents were speaking, of course, about the signing of the African Continental Free Trade Agreement, a landmark trade deal that would create a single market from the Cape to Cairo, and from Djibouti to Dakar.

On Wednesday, 44 African countries committed themselves to eliminating cross-border tariffs and making border posts more efficient. 27 countries signed an additional protocol to allow for the free movement of people across those borders.

If fully realised, this agreement would revolutionise trade in Africa. For the first time, Kenyan manufacturers would be able to sell their products in Nigeria without paying tax at every border crossing; a Ghanaian PR firm could open an office in Namibia without going through any regulatory hoops; and all African citizens would have the right to live and work in any African country.

“The border gates are now going to fall apart,” said Ramaphosa.

Better together

The dream of continental integration has long been a cornerstone of the AU, and the OAU before it. The AU’s long-term strategy document, Agenda 2063, paints a utopian vision of a continent effectively without borders, where citizens travel on an African passport and spend their afros, the proposed single currency.

The logic is simple: if Africa wants to compete economically with the big boys, it must play as a team. Africa’s entire population is roughly the size of India’s, but Africa is 55 countries, with 55-odd currencies and 55 regulatory environments and 55 different sets of red tape. Doing business on the African continent is a nightmare, both for foreign investors and for African businesses who want to expand.

In fact, it’s easier for African businesses to trade outside the continent. The statistics don’t lie: as of 2016, intra-African trade accounted for just 17.6% of Africa’s total exports. In Europe that figure is 70%.

“Economic integration thus responds not only to aspirations born out of Pan-Africanism, but also to a practical imperative linked to the economic viability of the continent,” said Moussa Faki Mahamat, chair of the African Union Commission. “Our peoples, our business community and our youth, in particular, cannot wait any longer to see the lifting of the barriers that divide our continent, hinder its economic take-off and perpetuate misery, even though Africa is abundantly endowed with wealth.”

But Mahamat, who replaced Nkosazana Dlamini-Zuma last year, also sounded a note of caution. He is more familiar than most with the disconnect between the AU’s noble ideals and its no-can-do record when it comes to implementation - and he knows that the continental free trade dream is still some distance from becoming reality. He pleaded with his fellow leaders to this time prove the doubters wrong.

“...some actors, but also our own peoples, have seen so many proclamations remain a dead letter, so many commitments without practical execution that they have come to doubt the strength of our commitment. This summit must, therefore, mark a break…It must confound those who, outside Africa, continue to think, with barely concealed condescension, that our decisions will never materialise.” said Mahamat.

Unfair trade?

Obstacles to a full, continent-wide implementation of the free trade area are large and many. The most serious, for now, is the reluctance of Nigeria, the continent’s biggest economy, to join the integration club.

Muhammadu Buhari so nearly signed on the dotted line. Summit gossip had it that the Nigerian President was already on his way to the airport in Abuja when he abruptly cancelled his trip, apparently swayed at the last minute by vocal opposition from trade unions - a constituency he cannot afford to alienate in the run-up to next year’s election.

“We at the Nigeria Labour Congress are shocked by the sheer impunity or blatant lack of consultation in the process that has led to this,” said Ayuba Wabba, who heads the labour movement. “We have no doubt this policy initiative will spell the death knell of the Nigerian economy.”

These fears are not unfounded. Although all economists seem united in predicting that greater economic integration will lead to greater prosperity - potentially increasing intra-African trade by 52% in the next four years - there may also be a shake up of the established economic order. So while the continent as a whole will win, there will be individuals, companies and maybe even countries who will lose out in the short to medium term. Persuading them to act for the greater good regardless of the personal cost will be a major political challenge.

Another challenge, of course, is to get the free trade agreement ratified. It now goes to parliaments all over the continent who must rubber-stamp the text, a process which could take years. The bureaucratic hurdles have already claimed a major scalp: South Africa, which in Ramaphosa has one of the agreement’s most vocal cheerleaders, did not actually sign the agreement. Ramaphosa said that although he was committed to doing so, legal requirements meant that local stakeholders must be consulted first.

But even should all this red tape be cleared, more torturous negotiations lie ahead. As much as African leaders deserve credit for taking just two years to thrash out this agreement, to make the self-imposed deadline - encouraged by Kagame, who was desperate to conclude the deal during his term as AU chair - they postponed dealing with some of the most contentious issues.

The protocols on competition policy and intellectual policy have yet to be agreed; nor is there any accord on rules of origin, the criteria to determine where a product is actually from. These are usually among the most contentious areas of any free trade negotiation, so expect plenty of contention to come.

For all the fine words and noble ideals expressed at the Kigali summit, and for all the undoubted progress that has been made, a fully-functional African Continental Free Trade Area is still many years - and lots of compromise - away.

So put away your afros, because you won’t be spending them quite yet. And don’t bank on disappearing borders any time soon.

Registration is open for the “International Business and Human Rights Conference” - organised jointly by the IOE, MEDEF and Sodexo - which takes place on 18 April in Paris.

This business-only conference is aimed at representatives of companies, business and employers’ federations, corporate law firms and industry associations. It will provide participants with a safe space to share experiences, learn about new trends and developments, network, and help shape the business and human rights agenda.

For more details go to: http://www.ioe-emp.org/index.php?id=4947

Registration

Register your participation (before Friday 6 April) by writing to This email address is being protected from spambots. You need JavaScript enabled to view it.. Please indicate your:

Full name.
Job title.
Company / Organisation.
Contact email and telephone number.

Practical information

It is free to attend the conference. However, participants are expected to cover their own travel and accommodation expenses.
Conference capacity: 150 participants.
The conference will follow the Chatham House rule.
Language: As it’s an international conference we will mainly speak in English.
Suggested hotel with a negotiated group price:
Novotel - Paris Centre Eiffel Tower Hotel
Address: 61 Quai de Grenelle, 75015 Paris
Tel: +33 1 40 58 20 00
Price of 165 euros per night for a single standard room (breakfast included)
Please note that we do not have any control over the hotel booking. We advise you to reserve your room as soon as possible

The Continental Free Trade Area (CFTA) between African countries is a topic for debate among entrepreneurs and politicians alike. To encourage the debate, CFTA.Now invited Mr. Kebour Ghenna the Executive Director of the Pan African Chamber of Commerce and Industry (PACCI) to answer some questions that will help us better understand that subject matter.

Africa is on the eve of signing the Continental Free Trade Agreement, how important is this deal?

It is extremely important. I am not saying this because of my function as the director of the Pan African Chamber of Commerce and Industry [PACCI] or any ideological or theoretical grounds, but because we have seen repeatedly the positives free trade has brought to nations. In the fifties and sixties, countries that remained open or took advantage of international opportunity in one way or the other, and we can mention many of the Far Eastern economies, they first began by looking inward but then decided to go outward in the 1960. The results have been remarkable that ended up producing very high rates of growth to go along with their export performances. Countries that turned inward, countries such as India, Brazil, Ghana, Egypt, and others did not progress very far.

Let’s talk about the business community, how supportive are African businesses of free trade?

African businesses are very supportive of free trade, that’s me saying, and I believe it to be true. The problem of course is that very little is known about the degree of popular support for such an initiative. For Africa the free trade agreement to be launched on March 2018 is a new experience; it is a powerful engine for spreading prosperity. Basically the focus of this CFTA is on access to markets between member countries. Having said this, we have to understand things will not change from one day to the next, to be realistic African countries need first to promote a well-functioning cooperation among themselves at state levels, in particular between the customs administrations. They have to quickly simplify their import-export processing. They also have to take a step forward in liberalizing their internal trade. 

Is the CFTA genuinely going to help the poorest countries?

That's the concern of many people. But look: exports were what allowed China to grow. We haven't seen poverty fall dramatically in any country that kept itself closed. So it’s essential for African countries’ economic development. Let’s look at the challenges developing economies face. Their labor productivity is low relative to the rest of the world, and that means their incomes are low. How do you raise labor productivity? You bring in new capital, and a lot of the times you do that through importing. But to import, you have to export. Opening up to the rest of the world allows you to vastly expand the markets for the stuff that you make, and in return for those exports you are capable of importing goods and capital and technology that make you get better at what you're doing. At least this is the type of argument that has prevailed till now.

Are you confident that this story is shared by many economists and decision makers?

I think the fair statement to make is that trade is a necessary but not sufficient condition for poverty reduction. As you know there are many countries that have taken the market liberalization route and haven’t seen big reductions in poverty. Would economists say, "Trade globalization is the magic bullet; adopt it and you will see massive reduction in poverty in the country." I don’t think so. The evidence just doesn’t support that. I think the evidence also doesn’t support the idea that you can have massive reductions in poverty without free trade. I think we've come to realize that when you talk about development, trade policy is one of many changes that need to happen in a society to allow income growth to occur.

Do SMEs and large companies benefit equally from the CFTA?

Let me start by saying that small and medium firms account for up to 90% of all businesses in Africa. Today, these small and growing businesses create around 80% of the continent’s employment. These are basically PACCI’s constituents and we believe that the CFTA benefits generally the SMEs. Many SMEs export their products and services to other countries and we note that size is not necessarily an obstacle. There are many SMEs around the world that use free trade agreements on a regular basis. The globalization of value chains also affects many SMEs, which means that they – as well as large companies – can improve their competitive standing by using free trade agreements.

The African Union was tasked to organize the negotiations leading to the signature of the CFTA on March of this year in Rwanda, to what extend the private sector was involved in the negotiations?

The private sector’s participation varies from country to country, meaning it went from extensive, say in the case of countries like Mauritius, to practically nil in the case of my country, Ethiopia. At the AU Commission level the attention given to the private sector like PACCI was rather minimal. I understand that trade negotiations are the domain of governments, but that should not have precluded consultations both at national and the AU Commission level. Anyway we’ll see if things change for the next phase, which is the most important phase –  that of the implementation of the CFTA.

But I understand there is one full day dedicated for business at the Summit in Kigali, so there must be some kind of business involvement in the CFTA?

Well the Summit, which by the way is a historic event, has to have a showy and attractive part that week. A CFTA signing agreement without any business participation would have looked a bit strange. I understand the Business Day is organized by a newly established organization led by Dangote to promote African multinationals. All the big African business CEOs will be there gracing the Summit with their presence.

The SPE team have the pleasure to confirm to you the new dates for Sudan Poultry Expo , 10th Session  will be on 20th  to 23rd February 2019, at Khartoum International Fair Ground and is on schedule.

SPE is a major specialized  event dedicated to development of poultry , livestock and agricultural  production in Sudan and the rest of Africa , with animal number exceeding 140 million cattle, one of the largest in Africa and Middle East.  SPE 9th Session will witness a dramatically change in exhibitors and visitors due to constant  development to the event and rapid development and leap frog growth of  poultry industry in Sudan , this led to doubling in stands sold at SPE for this  session .

With its spacious halls and spectacular gardens KIFG avails to the organizer ,exhibitors and visitors a wide range of services and it is considered as one of the leading venues in Africa and Middle East in addition to the charming city Khartoum .

SPE has been widely promoted in international events and magazines.

The coming session of SPE will be held Under the Patronage Of  H.E.  Minister of Animal Resources  and Under Auspices of Ministry Of Animal Resources  ,Ministry Of  Trade ,and Ministry of Agriculture  and Animal Resources Khartoum State ( Sudan).

and supported by : * Sudanese Veterinary Association
* Sudanese Agricultural Council
* Sudan Poultry Science Association

* Sudan Chamber of Commerce

* Middle East & North Africa Poultry Magazine ( MEAP )

10th session of SPE will include the Following sectors
* Sudan Dairy & Meat Cattle Show
* Sudan Fish Tech Show
* Milk Technology Show
* Refrigeration Exhibition

* Poultry , Meat and Milk Festival

We bring to your attention a call for applications for MSc and PhD Scholarship opportunities at the African Centre of Excellence in Sustainable Agriculture and Agribusiness Management - a World Bank sponsored project (ACE - II) in Egerton University.

Further details are at.

 

CESAAM Advert 2018.jpeg (0,1MB)

CEESAM EGERTON UNIVERSITY Scholarship Advert, 2018.pdf (3,0MB)

On the eve on the signing of the Continental Free Trade Agreement two new trade support or lobbying organizations are vying for the attention of Head of States in Kigali.

  • The Afrochampion Initiative – The website describes the organization as… a set of innovative public-private partnerships and flagship programs designed to galvanize African resources and institutions to support the emergence and success of African private sector multinational champions in the regional and global spheres.

The Initiative focuses on Advocacy on Private-Sector Driven African Integration, Policy Innovations to Drive intra-African Commerce, Corporate Best Practices that Champion Africa, Capacity Building in pan-African multinational management, Corporate Networking, Research, Benchmarking & Knowledge-sharing,

Founded by the advisory firm Konfidants, the organization is Co-Chaired by President Thabo Mbeki and Mr. Aliko Dangote, President and CEO of Dangote Group.

Afrochampion will be in Kigali sponsoring a full Business Day.

 

  • Pan African Private Sector Trade Policy Committee (PAFTRAC) – Initially driven by African Export-Import Bank (Afreximbank), Ecobank Transnational Inc. (Ecobank), International Trade Centre (ITC) and with the blessing of the WTO was left dormant from 2011 until the eve of the CFTA signature. PAFTRAC has come in-force again under the leadership of Afreximbank to become the top voice of the private sector on the CFTA, eventually reporting directly to the Conference of African trade Ministers.

The organization has yet to call its first constituent assembly. Rendez-vous in Kigali is set for March 2018 at the Summit of Head of States to launch the Committee.

The African Export-Import Bank ( Afreximbank ) has signed a $100 million financing agreement with the Islamic Corporation for the Development of the Private sector ( ICD )in Shariah compliant countries. This is in line with the corporation plan to promote SMEs in Shariah-compliant countries. ICD is a multilateral organisation and a member of the Islamic Development Bank ( IDB ) Group.

The Chief Executive Officer of ICD, Mr Khaled Al Aboodi, in a statement yesterday, in Lagos, said that the facility being provided by ICD was for small and medium-sized enterprises ( SMEs ) in ICD-member countries. Aboodi noted that the facility is for SMEs in the industrial, communication, technology, healthcare, construction and agricultural sectors.

On his part, the Executive Vice President at Afreximbank, Mr. Amr Kamel, stated: "This facility will give a boost to our effort to implement our current strategy which prioritises intra-African trade, intra-African investments and export manufacturing of the labour intensive type. "It will also promote our knowledge in Islamic finance and provide us with additional manoeuvring capacity in terms of product offerings to our clients. "We are delighted that ICD has chosen to partner with us in the pursuit of Africa's trade development.

"This collaboration will contribute to the objective of fostering sustainable economic growth in the member countries of our two institutions leading to job creation, contribution to export and Islamic finance development, among others."

The mandate of ICD is to support economic development and promote the development of the private sector in member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari'ah.

ICD also provides advice to governments and private organisations to encourage the establishment, expansion and modernisation of private enterprises. Afreximbank, on the other hand, is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade.

The bank which has its headquarters in Cairo, Egypt, was established in October 1993 by African governments, African private and institutional investors and non-African investors. (All Africa)

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The Pan African Chamber of Commerce and Industry was established in 2009 by 35 founding national business chambers to influence government policy and create a better operating environment for business.

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