A partnership between the AfCFTA Secretariat and the United Bank for Africa (UBA) will provide US$6 billion in credit to African Small and Medium-sized Enterprises (SMEs) over the next three years.
The aim is to boost their production capacities and enable them to participate effectively in the African Continental Free Trade Area (AfCFTA).
The credit facility will target SMEs in four priority sectors of the AfCFTA implementation: agriculture and ago-processing, automotive, pharmaceuticals, and transport and logistics.
The partnership will also offer training, technical assistance and innovative solutions to improve their production capabilities and competitiveness.
The agreement was signed in Accra on Monday, June 19, by Wamkele Mene, Secretary General of the AfCFTA Secretariat, and Muyiwa Akinyemi, Deputy Group Managing Director of UBA.