Africa: Trademark Africa Gets Sh10.1bn to Advance Sustainable Trade, Economic Inclusivity

Nairobi — African Aid-for-Trade Organization TradeMark Africa has received Sh10.1 billion ($63 million) from the Dutch government to advance sustainable trade and economic inclusivity in Africa.

The firm says that the funds, which will last up to 2030, will drive green, sustainable economic growth, foster innovative trade practices, and promote inclusive trade across the continent.

“TradeMark Africa will significantly contribute to a more inclusive and prosperous trade landscape for the African continent, benefiting both African and Dutch businesses,” Marchel Gerrmann, Ambassador for Business and Development Cooperation at the Netherlands Ministry of Foreign Affairs, said.

The Netherlands’ contribution will be invested in strengthening trade systems so that they benefit local exporters, foster economic growth, and create sustainable livelihoods across diverse sectors.

As part of its Africa Strategy, the Netherlands contributes towards the implementation of the African Continental Free Trade Area (AfCFTA).

The AfCFTA is expected to boost intra-African trade by over 30 percent by 2045 and is projected to provide an average extra 2.7 percent GDP boost across the continent.

The AfCFTA could lift 30 million Africans out of poverty by 2035, offering market opportunities to both African and Dutch businesses.

“We are excited to continue this partnership, in focusing on the trade challenges of the coming years – not least ensuring Africa is a pioneer in green trade, and that the benefits of trade corridors reach people and geographies in most need of the economic boost that they bring,” David Beer, CEO of TradeMark Africa, added.

“These programmes will contribute to a thriving, resilient and inclusive trading landscape.”

Source link

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *