AfDB Approves $11Million for AfCFTA to Boost Intra-African Trade

The African Development Bank (AfDB) has approved a grant of $11 million for the African Continental Free Trade Area (AfCFTA) secretariat to boost continental free trade activities, said a statement by the bank Monday.

The statement said the latest grant from the AfDB was the second such allocation to the AfCFTA secretariat, following an initial five million dollars after the opening of the secretariat in the Ghanaian capital in August 2020.

“This second phase of support continues with the aim to encourage sustainable intra-African trade and to increase the share of African countries participating in it,” said the statement.

It said the second support would also move the African trade integration agenda forward by enabling the secretariat and member countries.

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Abdu Mukhtar, the director of the bank’s industrial development and trade department, said that the board’s approval of the grant would enable the AfCFTA secretariat to ensure harmonious, predictable, and free trade on the continent.

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