Tanzania ratifies Africa free trade area treaty

TANZANIA – The government of Tanzania has ratified the agreement establishing the African Continental Free Trade Area (AfCFTA), joining a pact connecting countries with a total gross domestic product of US$3.4 trillion. AfCFTA was first opened for signing in April 2018 but came into application in 2019 after the requisite minimum of 21 of the 55 member states ratified it. Tanzania had not formally joined although former President John Magufuli signed on the agreement in 2019. After signing, parliamentary approval is required for the ratification of the agreement. Its East…

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Kenya gets US$18m for green trade and Covid-19 war from Denmark

KENYA – The government of Kenya has received US$18 million support from Denmark to help promote East Africa regional trade and combat Covid-19 pandemic. The funding will be channelled through TradeMark East Africa (TMEA), which works with governments in the region to reduce trade barriers through automation and setting up of the required infrastructure such as One Stop Border Posts (OSBPs). The Danish funding comes in two financial agreements with US$15 million funding Kenya’s efforts to transition to Green Trade and creating sustainable jobs under the Denmark and Kenya Strategic…

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Export Trading Group secures US$400m from Afreximbank to drive agricultural productivity in Africa

AFRICA – The African Export-Import Bank (Afreximbank) has approved a US$400M global credit facility agreement for the Export Trading Group (ETG), an integrated agricultural conglomerate in Africa. The agreement will allow ETG to continue to play its vital role in the agri-foods supply chain, effectively connecting African farmers to markets as well as expanding access to critical inputs to boost agricultural productivity in a continent with tremendous but unrealised potential. According to estimates by Afreximbank, in 2019 Africa spent more than US$90B on food imports despite having up to 60%…

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