Seven Pan-African Financial Institutions Commit $5 Billion To SMES

 Seven Pan-African Financial Institutions have committed in total $5 billion for micro, medium and small enterprises (SMEs).

 The news was announced by Albert Muchanga, the African Union (AU) Commissioner for Trade and Industry, following a meeting with Commerce Minister, Chipoka Mulenga, in Niger.

 The announcement came after the AU Extraordinary Summit on Industrialisation and Diversification and the Extraordinary Session on the African Continental Free Trade Area.

 Additionally, Mr Muchanga outlined that $2 million has been allocated to capacity building for enterprises which operate within AU member states.

 Meanwhile, Mr Mulenga stated that the funds will help Zambia meet their target of industrialisation by 2063.

 He further added that the funds would be vital to achieving economic growth and adding value to raw materials.