EC, AfCFTA unlock funding for Africa’s infrastructure projects
ZAMBIA is almost concluding the domestication process of the African Continental Free Trade Area (AfCFTA) agreement, says Commerce, Trade and Industry Minister, Chipoka Mulenga.
Mr Mulenga also announced that Zambia would soon express interest to join State Parties piloting the Guided Trade Initiative (GTI).
He said this on the margins of the 13th meeting of the AfCFTA Council of Ministers responsible for trade which took place January 30-31, 2024 in South Africa.
“Zambia was almost concluding the domestication process of the agreement and will soon express interest to join State Parties piloting the GTI.
THE European Commission (EC) and African Development Bank Group (AfDB) have unlocked new funding for African infrastructure projects which will enable a series of investments in Zambia, Angola, and the Democratic Republic of Congo through strategic transport corridors.
This agreement would enable a series of investments in Sub-Saharan Africa in strategic transport corridors, in energy and digital connectivity.
One of the main joint projects is the development of the “Lobito Corridor,” an innovative transport corridor that would enhance export possibilities for Zambia, Angola, and the Democratic Republic of Congo, to boost the circulation of goods and to promote the mobility of citizens.
The European Union’s contribution to co-finance operations with the African Development Bank has significantly increased over the last two years, now amounting to €972 million in blending operations and guarantees.
Between 2021 and 2027, through the Africa-European Union (EU) Global Gateway Investment Package, the EU
“The relevant instruments for domestication have undergone national consultations and are now before the Ministry of Justice for clearance,” Mr Mulenga said.
On the meeting,
Dr Adesina he would support the continent with €150 worth of investments.
African Development Bank Group president, Akinwumi Adesina, in his comments on the partnership said the signing of the Financial Framework Partnership Agreement marked the positive evolution of the relationship between Africa and the EU.
The signing ceremony took place on the side-lines of this week’s Italy-Africa Summit, the EC and the African Development Bank Group.
African billion stressed that it marked another milestone in Zambia’s quest to unlock Africa’s trade potential through the AfCFTA.
Mr Mulenga is leading the Zambian delegation whose members Mr Simon Ng’ona, Director Foreign Trade and officials from the Zambian High Commission in Pretoria.
Mr Mulenga noted that the continent had embarked on the gradual elimination of tariffs on 90 percent of goods, and the reduction of barriers to trade in services aimed at increasing Africa’s income by US$450 billion by 2035.
He was aware that efforts were meant to intra-African trade.
“The successful implementation of the AfCFTA will lead to the creation of more decent jobs, improved welfare and better quality of life for all these boost
Dr Adesina said: “It will enable the African Development Bank Group and the European Commission to leverage on their respective resources to significantly support transformative investments in African countries and build resilient and sustainable economies.
“I am looking forward to scaling up our strong partnership with the European Commission and to making huge progress towards the achievement of the African Development Bank Group’s High 5 strategic priorities.”
And EC president, Ursula von der Leyen, said the agreement would empower the commission to support ambitious infrastructure projects across Africa under Global Gateway, Europe’s investment strategy for the world.
“I am very glad to launch a new era of cooperation with the African Development Bank Group.
“Together we will build clean and competitive economies across the continent, promote skills, create jobs and opportunities, especially for Africa’s vibrant youth. I am looking forward to the great projects we will work on together, as partners,” she said. citizenry, and sustainable development,” Mr Mulenga said.
He explained that it was for this reason that Zambia was committed to participating in the GTI and the fully flagged Free Trade Area (FTA).
He urged Council Members on the need to adopt progressive provisions on the proposed rules of origin for certain products.
Mr Mulenga, for example, supported the need to have a more flexible rule on textiles under Chapter 61 to allow for sourcing of limited or unavailable inputs from non-African countries.
On the other hand, he recommended that this exception should be time bound and that efforts should be made towards building this industry so that it is self-sustaining.
Mr Mulenga