Jul 20, 20234 min read

Press Release - July 9, 2023

United African Royal Assembly (UARA) and the AeTrade Group sign an MOU to accelerate the implementation of AU Summit Decision to fast track Digital and Financial inclusion and UARA pledges USD8 billion investment over the next 10 years

9th July 2023, Addis Ababa– The AeTrade Group wishes to express its gratitude to the President of the United Africa Royal Assembly, His Imperial Highness Prince Estifanos Matewos, for his delegation’s visit to the African Union Headquarters during the African integration day and the inaugural Africa Job Creation Forum in order to sign a Memorandum of Understanding and an Action Plan 2023- 2028 with the Ae Trade Group, a major social enterprise organisation that is recognized by the African Union.

The memorandum was signed by Mr. Mulualem Syoum, the CEO of the AeTrade Group and Dr Liaqat Alli Azam, Director General of the United Africa Royal Assembly on behalf of His Imperial Highness Prince Estifanos Matewos. The parties signed the Agreement on the fourth Africa Integration Day commemoration in the Nelson Mandela Hall, at the African Union Headquarters.

Several dignitaries witnessed the signing ceremony including H.E. Hailemariam Desalegn, former Prime Minister of Ethiopia and Chairman of the AeTrade Group, H.E. Dr Monique Nsanzabaganwa, Deputy Chairperson of the African Union Commission, H.E. Ambassador Albert Muchanga, Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, H.E. Muferihat Kamil, Minister for Labor and Skills, Ethiopia, Dr Matthias Naab, the Director of the UNDP Regional Service Centre, Mr. Prudence Sebahizi, the representative of the Secretary General of the African Continental Free Trade Area, and Mrs. Treasure Maphanga, Chief Operating Officer of the AeTrade Group.

The event was attended by UARA Council Members, United Nations officials, AUC officials, AeTrade Group Board members, Senior Officials from host country, various partners and delegates from the public and private sectors in Africa and beyond.

The Memorandum of Understanding was hailed by H.E. Ambassador Albert Muchanga, the Commissioner for Economic Development, Trade, Tourism and Industry as a landmark contribution to Africa’s economic transformation including to execute the Executive Council Decision EX. CL./Dec.1144 (XL) of 2-3 February 2022, on Financial and Digital inclusion by enabling the SMEs in Africa, especially women and youth, to be active participants and beneficiaries of the Africa Strategic Investment Alliance for SMEs and AeTrust which provides affordable Digital Finance and affordable payment solutions.

On the 8th July 2023, the Africa Strategic Investment Alliance was unveiled by the CEO of the AeTrade Group, Mr. Mulualem Syoum. In the presence of H.E. Hailemariam Desalegn, Dr Liaqat Alli Azam, Mr. Mohammed Béavogui, AeTrade Group Board Member, Mr Federico Bonaglia, Deputy Director of the OECD Development Centre and other dignitaries.

Ambassador Albert Muchanga commended the parties for the bold initiative and hailed it as a concrete example of the potential for Africans to mobilise domestic resources in order impact positively the lives of ordinary citizens. He indicated his commitment to collaborate on attracting high net worth individuals and institutions to bring their investments back to Africa. The Strategic Investment Alliance for Africa is a vehicle that can be used to mobilise domestic capital in order to drive high growth rates across the continent.

The UARA announced mobilising investment of between USD 6 to 8 billion, with a target of USD 500 million over the next three months. This is a major boost to the AeTrade programme in partnership with African countries across the continent.

As the President of the UARA said; “Special tribute is paid to the current Commission for their vision and foresight in engaging the AeTrade Group which brings innovative solutions in order to ensure that African citizens in all 55 AU member states can benefit from the digital capacity building programme that will enable them to be active participants and shareholders in the digital economy which is the future. The future begins now. That is why we are moving expeditiously. We are proud of our solid partnership with the AeTrade Group and we look forward to many years of fruitful cooperation in the service of our people in Africa”

“Our goal is to create between 80-125 million jobs in 15 years, said the CEO Chairman of the AeTrade, Mr Mulualem Syoum. “This is ambitious and achievable according to our robust programme in partnership with all stakeholders including the public and private sector and development partners across the continent. We welcome the solid partnership which we are building with UARA, which creates opportunities for addressing key bottlenecks through;

· Extending Affordable Finance for African countries, SMEs, youth and women.

· Joint implementation of strategic initiative in partnership with the African Union and partners involved in the Intra-African Trade Fair, the AeTrade Innovation Centre, the Multipayment Gateway system and encouraging regional integration of solutions.

· Championing the promotion of Public-Private Partnerships across Africa

· SME insurance services

· Supporting the development of logistics and warehousing capabilities across Africa

· Supporting the delivery and financing of E-Government services to AU Member States