With 5,000 small businesses already trained, ITC’s partnership with the African Export-Import Bank strengthens Africa’s creative economy, supports innovative, green finance solutions, and promotes African business opportunities in the Caribbean.
ITC acknowledges that “Partnerships4Purpose” may support successful initiatives and long-lasting results.
ITC is proud to highlight game-changing initiatives that were made possible by strong and meaningful collaboration in order to recognise the teamwork behind these efforts.
Africa made a commitment to increasing its business opportunities, streamlining its continental approach to trade regulation, and ensuring the free flow of goods and services when the African Continental Free Trade Area (AfCFTA) entered into force on May 30, 2019.
One of the key programmes the African Union has launched to carry out Agenda 2063 is the AfCFTA.
The agreement creates opportunities for industrialization, job creation, industry innovation, and economic growth by connecting 1.3 billion people across 55 African nations with a combined GDP of $3.4 trillion.
The original strategy: Customizing trainings to increase intra-African export capacity
African businesses are facing a number of challenges as a result of recent changes in the global economy, which ITC refers to as the four Cs: COVID-19, climate change, conflict, and costs.
If the proper support systems are in place, the AfCFTA gives businesses a chance to adapt and overcome these difficulties.
Afreximbank has teamed up with ITC to support small businesses, particularly women and young entrepreneurs, in maximising the benefits of the Free Trade Area as part of its ongoing commitment to increasing intra-African export potential.
ITC and Afreximbank created an online course on how to export using the AfCFTA through its SME Trade Academy.
Business owners who complete the training will have the knowledge and abilities necessary to successfully engage in cross-border trade and seize global business opportunities.
The result: Marginalized groups will now have better access to African trade opportunities.
In 2020, the pilot was conducted in Côte d’Ivoire, Nigeria, and Rwanda before being expanded to include Ghana, Morocco, and Zimbabwe.
The programme received almost 1,500 applications within a week of its debut.
A free online component on the Afreximbank Academy is included, and ITC organises in-country seminars to train business owners, business support organisations, and government players.
This programme enables enterprises at the national level to trade throughout the continent.
Through the trainings, business owners may quickly locate customised market prospects for their enterprises, determine which of their products have the most export potential, and learn how to take advantage of prospective funding alternatives.
The trainees can also take advantage of Afreximbank’s trade financing and trade facilitation initiatives, which encourage intra-African trade.
To date, more than 5,000 small enterprises have received training. The course will soon be offered in Arabic and Portuguese in addition to English and French.
Forward-looking: A thriving African private sector
A Memorandum of Understanding (MoU) to broaden and diversify trade in Africa will soon be signed by Afreximbank and ITC.
The “How to Export with the AfCFTA” online training will be made available to all 55 African Union Member States, including new courses, and roll out in-person national workshops for growing skills and knowledge in at least 12 more African nations.
The agreement will also create a continental cooperative group to open doors for African designers and artists to participate in the dynamic creative economy of the region.
The cooperation will assist the Pan African Private Sector, Trade and Investment Committee in securing investment opportunities for African enterprises (PAFTRAC).
Additionally, the new alliance will encourage African companies to look outside their home markets and seek Caribbean export potential.
The cooperation will encourage the adoption of pertinent and cutting-edge green solutions at international events, including COP27 in November 2022, in light of the growing need for businesses to embrace sustainable practises due to climate change.
ITC continues to strengthen its commitment to empowering African women and youth-led enterprises through its relationship with Afreximbank, exploiting the advantages of the AfCFTA agreement and thereby trade throughout Africa.