#AfDBAM2020: AfDB on how to best integrate African markets post-COVID-19

The re-election of President Adesino at the African Development Bank signals a sense of continuity in the institution's vision, especially in advancing regional integration efforts across the continent. As Africa grapples with the economic aftermath of the COVID-19 pandemic, there is a growing need to enhance cooperation and trade facilitation amongst African nations. Moono Mupotola, the Director for Regional Integration at the AfDB, sheds light on how the bank aims to support African countries in leveraging the African Continental Free Trade Area (AfCFTA) to foster economic growth. In a recent interview on CNBC Africa, Mupotola highlighted three key areas of focus in the AfDB's efforts towards regional integration. Firstly, the bank aims to bolster infrastructure development, with a specific emphasis on cross-border projects in sectors such as energy, transport, ICT, and water resources. By investing in infrastructure, the AfDB seeks to enhance connectivity across African nations, thereby facilitating smoother trade and economic activities. Secondly, Mupotola emphasized the importance of supporting trade and investment initiatives to boost intra-African commerce. With the implementation of the AfCFTA, the AfDB is committed to assisting member states in navigating the complexities of the free trade agreement. By providing guidance and resources, the bank aims to promote a conducive environment for trade within the continent. Moreover, the AfDB is keen on fostering financial integration across Africa to streamline payment systems and reduce transaction costs for traders. Mupotola mentioned the bank's involvement in supporting regional payment systems in West Africa and exploring ways to minimize transaction expenses. By facilitating affordable and efficient payment mechanisms, the AfDB aims to encourage cross-border trade and ensure seamless financial transactions amidst diverse African economies. Speaking on the challenges facing financial market integration in Africa, Mupotola highlighted the need to harmonize payment systems and currencies to facilitate cross-regional trade. By promoting the compatibility of payment systems between subregions, the bank aims to eliminate barriers to trade and enhance economic cooperation. Additionally, Mupotola stressed the importance of capital market integration within subregions to enhance investment flows and financial stability across Africa. In conclusion, Mupotola emphasized the AfDB's commitment to accelerating measures that would facilitate trade integration across the African continent, particularly in light of the challenges posed by the COVID-19 pandemic. By leveraging digital technology and innovative payment solutions, the bank aims to enhance trade facilitation and promote economic resilience post-COVID-19. As Africa navigates the path to economic recovery, the AfDB's focus on regional integration and cooperation emerges as a pivotal strategy to unlock the continent's vast economic potential. Through concerted efforts and strategic partnerships, African nations can harness the opportunities presented by the AfCFTA to build a stronger, more interconnected African economy.