The Arab Bank for Economic Development in Africa (BADEA) pledged on Thursday to provide support for the implementation of the African Continental Free Trade Area (AfCFTA).
Sidi Ould Tah, President of BADEA, made this pledge during a hybrid interaction with the media in Ghana, adding that the bank would create an African trade facility to support cross-border trade and boost intra-African trade.
“If an exporter from an African country needs financing to export to another African country, we will provide this support at a very good rate to support cross-border trade within Africa and increase interest among African countries,” he stated.
Ould Tah added that BADEA would also support AfCFTA with capacity development grants to support the players facilitating trade in Africa.
The president added that the AfCFTA secretariat and BADEA would sign an agreement concerning this partnership on trade facilitation on the continent during the bank’s 50th anniversary activities in Ghana.
“BADEA is already providing grants and will continue to provide more grants to support these activities. In a nutshell, we are supporting AfCFTA through financing trade and developing capacities to facilitate trade in Africa,” the bank president added.