AfDB approves $4.8 million grant for African free trade

The board of the African Development Bank (AfDB) has approved a $4.8 million institutional support grant to the African Union to fast-track the African Continental Free Trade Area Agreement (AfCFTA).

The grant is targeted at applying institutional foundations for the AfCFTA secretariat.

“It is crucial to establish a robust efficient, purpose-driven secretariat, capable of addressing improved stakeholder engagement, inclusiveness and ownership in the AfCFTA implementation,” said Andoh Mensah, trade and investment climate division manager at AfDB.

The AfCFTA is predicted to expand intra-African trade by up to $35 million per year.

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