The African Electronic Trade Group signed a $20 billion financial agreement with various parties to advance e-commerce in Africa, in Addis Ababa, Ethiopia, on the sidelines of the AU summit.

The Group signed the agreement with the Islamic Development Bank Group, COMESA Business Council (CBC), and Africa Leather and Leather Products Institute (ALLPI), comprised of 30 African leather and leather products companies.

Mulualem Syoum, CEO of the Board of African Electronic Trade Group, said the agreement would help to encourage youth and women entrepreneurs. The money would be utilized to create 125 million jobs over the coming 15 years by financing 5 million small and medium enterprises (SMEs), he said.

The said amount will also be used to build technical skills development of SMEs, advance digital business facilitation and trade partnerships in the continent.

Source: APA