AFREXIMBANK and AUC Forge Strategic Partnership to Advance the CAAPs Initiative for Africa

 

Addis Ababa, 16th February 2024: 

The African Export-Import Bank (AFREXIMBANK) and the African Union Commission (AUC) have formalized a strategic partnership by signing a Memorandum of Understanding (MoU) to implement the Common African Agro-Parks (CAAPs) initiative. This landmark agreement, inked at the 37th AU Summit in Addis Ababa, solidifies the commitment of both entities to catalyze agricultural development and agro-industrialization across the African continent following the endorsement of CAAPs as one of the Flagship initiatives of the AU during the 2023 Summit.

Led by H.E. Commissioner Amb. Josefa Sacko, Commissioner for Agriculture, Rural Development, Blue Economy, and Sustainable Environment, and Prof. Oramah, President of AFREXIMBANK, the ceremony underscores the pivotal role of collaboration in achieving sustainable development for Africa. The CAAPs initiative, adopted by the 37th AU Assembly as a flagship program for the next ten years of the AU Agenda 2063, is a strategic response to enhance local agricultural production and trade under the AfCFTA.

This partnership signifies a shared vision to create regional agro-industrial hubs, aligning with the AU Agenda 2063 objectives. Cross-border mega agro-park projects, a focal point of the collaboration, aim to stimulate economic growth, enhance food security, and foster industrialization. AFREXIMBANK's financial commitment of USD 20.8 million demonstrates a concrete step toward realizing the ambitious CAAPs goals, with an overarching objective to implement 15 CAAPs mega projects within the next decade.

 

You may visit https://faraafrica.org/caaps/ for details about the CAAPs initiative.

 

For media inquiries and further information, please contact the CAAPs Secretariat at FARA through:

1.       Anselme Vodounhessi -  avodounhessi@faraafrica.org

2.       Benjamin Abugri -  babugri@faraafrica.org