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African tech startups have been invited to apply for the AfCFTA Vision Challenge, which offers them the opportunity to secure investment from development finance institutions while simultaneously putting them in a unique position to benefit from the opportunities offered by the Treaty. of African Continental Free Trade.
Ratified by 54 African nations, the AfCFTA creates a continent-wide free trade zone and is a strategic framework to fulfill Africa’s goal of achieving inclusive and sustainable development. The start of negotiation under the agreement is scheduled for January 1, and an extraordinary Summit of Heads of State and Government will be held on December 5 to lay the important foundation for this exceptionally crucial development.
The potential benefits for startups, especially those in the logistics space but in reality any business that imports or exports anything on the continent, is clear (see here Y here), but now start-ups are being offered the opportunity to further prepare themselves to succeed in the new era of free trade with a new initiative launched by the AfCFTA Secretariat.
the AfCFTA Vision Challenge, part of the broader Vision Initiative to boost access to finance and technology capacity for startups, SMEs, innovators and entrepreneurs across the continent, was launched in conjunction with AfroChampions’s Sankoree Institute and is open to startups working on any of the eight critical issues. areas, which include education, health, agriculture, infrastructure, good governance, manufacturing, and the environment.
Selected startups will be assisted in navigating the complex engagement process with large development finance institutions, with the ultimate goal of helping these startups secure investment from a major pan-African development finance institution.
“There are many things we must do well to ensure that Africa gets the full range of benefits from the AfCFTA. Some will take a while. However, building powerful connections through institutional partnerships and technology can begin immediately and there is no time to waste. We want to boost SMEs and startups by opening doors to places where they could never have entered before, for capital but also for capacity building, ”said Francis Mangeni, director of programs and business promotion at the AfCFTA Secretariat.
To apply, startups simply visit the challenge website. Once on the portal, they can obtain an AfCFTA Number from the AfCFTA application, allowing them to participate in the contest. The AfCFTA number is a pan-African trusted identity for businesses, while the application simplifies KYC procedures, provides the basis for a continental credit reference system, and enables merchants to submit required business documents electronically, thus minimizing costs. , delays and inconveniences of paperwork. obstructing further inter-African trade.
The deadline for applications is December 22, 2020.
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