The Attijariwafa Bank group and the African Continental Free Trade Area (AfCFTA) Secretariat signed, on the sidelines of the 2024 Edition of the International Africa Development Forum, a Memorandum of Understanding (MoU) aimed at accelerating the impacts of the AfCFTA to facilitate trade and investment on the Continent.
Initiated by Mr. Mohamed El Kettani, Chairman and CEO of the Attijariwafa bank group, and H.E. Wamkele Mene, the Secretary-General of the AfCFTA Secretariat, this Memorandum of Understanding relates to the cooperation between the two parties to mobilize resources, identify and support the implementation of projects in priority sectors such as infrastructure, energy, agriculture, agro-industry, automotive, pharmaceutical industry, transport and logistics.
Both parties also committed to supporting African Trading Companies that facilitate and stimulate intra-African trade, to promote the participation of women and young entrepreneurs in the AfCFTA to further promote job creation and projects, and to rely on the Attijariwafa Bank Group’s Africa Development Club, as a South-South exchange platform in favor of the African entrepreneurs community.
Thus, the Attijariwafa Bank group and the AfCFTA have agreed, through this memorandum, on the fundamental principles of this cooperation. These include:
- to promote AfCFTA trade and investment opportunities;
- to mutually participate in events and forums organized by the two parties as well as in sectoral economic missions on the Continent, organized 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 during the signing ceremony, H.E. Wamkele Mene, Secretary-General of the AfCFTA Secretariat, welcomed the conclusion of this important MoU which demonstrates the desire of both parties to bring their cooperation to a higher level and to further strengthen the role of the African banking sector in supporting African economic operators in prospecting business opportunities across the continent, thus broadening their ambitions to effectively contribute to economic prosperity in Africa.
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 can even contribute to the acceleration of movements of people and capital ”.
The Secretary-General also underlined “the need to involve all the active forces of African nations and to encourage economic operators to take ownership of the objectives of the AfCFTA, the main objective of which remains the establishment of a flourishing economic space beneficial to all African people ”.
During his speech, Mr. Mohamed El Kettani, Chairman and CEO of the Attijariwafa bank group, stated : “Upon discovering the current capabilities of the AfCFTA, we become aware of the substantial contribution of this initiative to Africa’s economic development. This free trade zone has the potential to profoundly transform intra-African trade by eliminating both tariff and non-tariff barriers and stimulating foreign direct investment. »
He added: “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 advancement for our two organizations but also a unique opportunity to leverage the synergies created by this strengthened cooperation. We look forward to collaborating through activities such as the Africa Development International Forum (FIAD) and to fully benefitting from the economic opportunities offered by our burgeoning continent. Together, we will work towards building a more integrated, competitive, and prosperous Africa.”
This memorandum of understanding illustrates the ongoing commitment of the Attijariwafa bank group and the AfCFTA Secretariat to deeper African economic integration, promoting sustainable development, economic growth, and increased intra-African trade.
