UBA Kenya in collaboration with RealSources Africa, AFCFTA, Brand Kenya and DHL launched the TradeConnect initiative.
TradeConnect is a continent-wide effort led by Real Sources Africa to advance intra-African trade by connecting manufacturers, SMEs, and exporters across the continent.
This initiative is designed to mobilize and transport 1,000 containers of diverse goods from Kenya to Africa with a goal of streamlining logistics, enhancing financial inclusion, and reducing trade barriers, aligned with the African Continental Free Trade Area (AfCFTA) framework.
The official flag-off launch of export cargo valued at USD 1.3 million destined to DRC, Zambia and South Sudan under the AFCFTA framework, was officiated by AfCFTA Secretary-General Wamkele Mene and Kenya's Cabinet Secretary Wycliffe Oparanya.
The flag-off demonstrated the implementation of the intra-Africa trade for Emerging Medium Enterprises (SMEs) and large manufacturers across the African continent.
The launch and flag-off ceremony, which marked the inaugural shipment of goods was done under the African Continental Free Trade Area (AfCFTA) framework.
The shipment demonstrated the vital role the MSMEs play in driving the agenda for export-led economic growth and development.
UBA Kenya CEO/MD Mary Mulili during a panel session
noted that UBA remains committed to supporting the growth/development of SMEs
in Kenya.
This is in line with our strategic focus on the SME segment being a catalyst for the economic development of Kenya.
This initiative is in line with the MoU signed between UBA and the Africa Continental Free Trade Area (AfCFTA) Secretariat to provide financing for up to US$6.0bn over the next 3 years to eligible SME across Africa, and USD 285Million specific allocation to Kenya.
UBA is committed to driving intra-Africa trade and breaking down barriers that limit market access.
UBA Kenya MD/CEO Mary Mulili further added, the TradeConnect
initiative will go beyond just financing to provide non-financial services to
SMEs in Kenya such as capacity building.
At the launch event, the chief guest, Secretary-General of
AfCFTA Wamkele Mene expressed the support of the AfCFTA Secretariat for the
initiative’s success.
He highlighted plans to establish AfCFTA trading companies
to aggregate resources, thereby creating opportunities for local SMEs to expand
into regional markets of the continent and its people, which he noted was a key
factor behind the partnership.