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Islamic bank group, firm seek action on trade, integration

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The quest to deepen intra-African trade and integration of the region’s economies got more boost as the Islamic Corporation for the Development of the Private Sector (ICD) declared interest in the process.

The move culminated to the signing of the Memorandum of Understanding (MoU) with the A-eTrade Group to advance Africa’s economic transformation under Agenda 2063.

The scope of the cooperation envisaged in the MoU provides for a landmark contribution to Africa’s economic structural transformation.At the recently concluded 33rd Ordinary Session of the African Union Head of States Summit, the Chief Executive Officer of ICD, which is the private sector arm of the Islamic Development Bank Group, Ikbal Daredia, said public-private partnership is a veritable tool to the region’s development.

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He explained that the MoU came with an Action Plan 2020- 2022 with the A-eTrade Group, a major public-private partnership that is recognized by the African Union Commission as an e- platform for deepening and promoting intra-African trade and economic integration.

Daredia said the scope of cooperation envisaged in the MoU provides for a landmark contribution to Africa’s economic structural transformation, when fully executed.

This will include enabling SMEs in Africa, especially women and youth, to be active participants and beneficiaries of the African Continental Free Trade Area (AfCFTA).

This will no doubt have a positive impact on the implementation of the Africa Union SME Strategy, which was endorsed by the AU Summit of Head of States Aand Government in February 2019.

AU Commissioner, Albert Muchanga, commended the parties for the bold initiative and their commitment to accompany the African Union in its quest to improve the lives of ordinary citizens.He urged the stakeholders to work with other key stakeholders such as Afreximbank, among others, who have designed instruments to support the implementation of the AfCFTA.

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