The AfroChampions initiative, led by former South African President Thabo Mbeki and Businessman Aliko Dangote, has proposed a $ 1 trillion investment fund to support the African Continental Free Trade Area (AfCFTA).
According to the proposal, the fund will trigger infrastructure and industrial investment necessary to unlock AfCFTA’s 2030 goals while attracting both foreign and domestic investors.
The initiative revealed that it plans to secure the funds in the next ten years, highlighting issues like infrastructure as opportunities for private sector investment.
For example, the framework lists vital projects such as a railway connecting Djibouti to Dakar to enhance transport and connectivity networks.
“We now have a framework that we can put on the table. We can say yes, we want to have $1trn in 10 years.” Former Nigerian President Olusegun Obasanjo said.
The AfroChampions team asserts that the removal of non-tariff barriers and access to cheap energy will propel AfCFTA further. It also defines a range of opportunities and structural projects that need financing, which the fund seeks to unlock.
Eventually, the AfroChampions initiative seeks to build homegrown pan-African companies driven by private and public sectors. The framework will help manifest tangible opportunities in AfCFTA for all stakeholders.
“The launch of the trillion-dollar framework is driven by the private sector,” Albert, Commissioner for Trade at the AU said.