AfDB Supports AfCFTA Implementation with $16 Million Institutional Assistance

On Friday in Abidjan, Sidi Ould Tah, President of the African Development Bank (AfDB) Group, met with Wamkele Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA).

The AfDB Group has mobilized $16 million to support the implementation of AfCFTA’s Institutional Support Program, enabling the establishment and operationalization of its Secretariat.

The impact of the Bank’s support is evident: the AfCFTA Secretariat is now fully operational, equipped with functional instruments including the electronic tariff system, certificates of origin, the Pan-African Payment and Settlement System, and the Adjustment Fund. Over 5,000 certificates of origin have already been issued.

AfCFTA is a crucial continental organization and a key partner of the AfDB, advancing the Bank’s mission to promote economic and social progress across African countries. It is central to the Bank’s Ten-Year Strategy and the four pillars of President Ould Tah’s vision.

To date, 54 countries have signed the AfCFTA Agreement and 49 have ratified it, creating the world’s largest integrated market with 1.5 billion consumers and a GDP exceeding $3 trillion.

Between 2022 and 2024, the AfDB approved $7.23 billion in infrastructure investments to support regional integration projects linked to AfCFTA, focusing on low-income countries. These investments have been pivotal in advancing the African Union’s Agenda 2063, improving transport connectivity, reducing trade barriers, and strengthening economic corridors.