$20b MoU signed to advance e-commerce in Africa

Addis Ababa, February 10, 2020 (FBC) –The African Electronic Trade Group has signed a $20 billion financial agreement to advance e-commerce in Africa.

It signed the agreement here today with Islamic Development Bank Group, COMESA Business Council (CBC) and  Africa Leather and Leather Products Institute (ALLPI).

Mulualem Syoum, CEO of the Board of African Electronic Trade Group, said the agreement would help to encourage youth and women entrepreneurs.

It will be utilized to create 125 million jobs over the coming 15 years by financing 5 million small and medium enterprises (SMEs), he said.

It will also be utilized to build technical skills development of SMEs, advance digital business facilitation and trade partnerships in the continent.