The Attijariwafa bank group and the Secretariat of the African Continental Free Trade Area (AfCFTA) signed, on the sidelines of the 2024 Edition of the International Africa Development Forum (FIAD), a memorandum of understanding aimed at accelerating the impacts of the AfCFTA in order to facilitate trade and investment on the Continent.
Initialed by Mohamed El Kettani, CEO of the Attijariwafa bank group and by Vamkele Mene, the Secretary General of the AfCFTA Secretariat, this memorandum of understanding concerns the cooperation of the two parties with a view to mobilizing resources, identifying and supporting the implementation of projects in priority sectors such as infrastructure, energy, agriculture, agro-industry, automotive, pharmaceutical industry, transport and logistics.
Supporting African Business Companies
The two parties also committed to supporting African Trading Companies that facilitate and stimulate intra-African trade, to promoting the participation of women and young entrepreneurs in the AfCFTA to further foster job and project creation, and to rely on the Club Afrique Développement of the Attijariwafa bank group, as a South-South exchange platform for the benefit of the African entrepreneur community.
Thus, the two parties have agreed, through this agreement, on the fundamental principles of this cooperation. These include:
• promote trade and investment opportunities in the AfCFTA;
• to participate mutually in events and forums organized by both parties as well as in sectoral economic missions organized on the Continent by the Africa Development Club;
• to take part in the Sufawe initiative of the Africa Development Club by supporting and strengthening its program;
• to co-organize sectoral webinars for AfCFTA opportunities (automotive, agro-industry);
• and finally, to exchange market information and publications related to trade and investment in Africa.
Speaking at the signing ceremony, Vamkele Mene, Secretary General of the AfCFTA Secretariat, welcomed the conclusion of this important memorandum of understanding which demonstrates the desire of both parties to take their cooperation to a new level. higher and to further strengthen the role of the African banking sector in supporting African economic operators in prospecting business opportunities across the continent and thus broadening their ambitions in order to effectively contribute to economic prosperity in Africa.
Eliminate tariff and non-tariff barriers
Being convinced of the importance of this initiative, the Secretary General recalled “the need to also strengthen communication channels on business opportunities on the continent and the prioritization of unifying infrastructure projects capable of contributing to the acceleration of the movement of people and capital.”
As for Mohamed El Kettani, he declared: “By discovering the current capabilities of the AfCFTA, we become aware of the considerable contribution of this initiative for the economic development of Africa. This free trade area has the potential to profoundly transform intra-African trade, by eliminating tariff and non-tariff barriers, and by stimulating foreign direct investments.. »
And to add: “as a pan-African financial institution, Attijariwafa Bank is firmly committed to supporting this dynamic of growth and economic integration. This agreement not only represents a significant step forward for our two organizations, but also a unique opportunity to take advantage of the synergies created by this enhanced cooperation. We look forward to collaborating through activities such as the International Africa Development Forum (FIAD), and to taking fuller advantage of the economic opportunities offered by our booming continent. Together, we will work to build a more integrated, more competitive and more prosperous Africa.»
Par WritingEditorial Committee
