The agreement between three African economic committees on a new Free Trade Area (FTA) paves the way for the region's economic integration and for the continent's integration in the world economy, World Bank Group president, Jim Yong Kim, has said.

Africa's three major regional economic committees (RECs) are set to finalise an agreement on forming the continent's largest free trade area (FTA) on Wednesday in Egypt's Sharm El-Sheikh.

The tripartite grouping, which accounts for $1.2 trillion representing more than half of Africa's GDP, will sign a deal to create free trade zones for goods immediately, with the hope of introducing services and intra-continent investor opportunities at a later stage.

World Bank aid to Africa will be higher this year compared to the $20 billion provided in 2014, said Kim without specifying this year's target.

Trading in Africa, which currently takes longer than other regions such as South America, would be improved by the new agreement, said Kim.