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ICD and A-eTrade Group sign MoU to boost Africa’s economic transformation

The MoU focuses on enabling SMEs in Africa, especially women and youth, to be active participants and beneficiaries of the AfCFTA. (Image source: ICD)

During the 33rd Ordinary Session of the Assembly of the Heads of State and Government of the African Union summit, Islamic Corporation for the Development of the Private Sector (ICD) signed an MoU with the A-eTrade Group to advance Africa’s economic transformation under Agenda 2063

The MoU was signed in the presence of several dignitaries including the commissioner for trade and industry ambassador Albert Muchanga; Chileshe Kapwepwe, secretary-general of COMESA and Treeasure Maphanga, A-eTrade director, A-eTrade Group host countries and the African Union (AU) commission.

The MoU focuses on enabling SMEs in Africa, especially women and youth, to be active participants and beneficiaries of the African Continental Free Trade Area (AfCFTA). This is set to have a positive impact on the implementation of the Africa Union SME Strategy which was endorsed by the AU Summit of Head of States and Government in February 2019.

Against the backdrop of the launch of the Operational Phase of AfCFTA on 7 July 2019 in Niamey, Niger, the coming on stream of the financial support valued at US$20bn over the next ten years is a major boost to the A-eTrade programme in partnership with African countries across the continent.

Commissioner Albert Muchanga commended the parties for the bold initiative and their commitment to accompany the AU to improve the lives of ordinary citizens. He urged the stakeholders to work with other major stakeholders such as Afreximbank amongst others who have designed instruments to support the implementation of the AfCFTA. One specific opportunity that can be considered is the 2nd Intra-African Trade Fair to be hosted by the Republic of Rwanda in Kigali from the 1-7 September 2020.

Creating 600,000 SMEs in four years with 22 million jobs

Ayman Sejiny, CEO of ICD and through his representative noted, “Special tribute should be paid to the current Commission, under the leadership of Moussa Faki Mahamat, for its vision and foresight in engaging the African Diaspora which brings innovative solutions to ensure that African citizens in all 55 AU member states can benefit from the digital capacity building programmes that will enable them to be active participants and shareholders in the digital economy which is the future. The future is now.”

“Our goal is to create 600,000 SMEs in four years with 22 million jobs and five million SMEs in 15 years with 80 million jobs,” said Sejiny and chairman of the A-eTrade Mulualem SYOUM.

“This is ambitious and achievable according to our robust programme in partnership with the private sector and the public sector across the continent,” they agreed.

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