Finland has contributed EUR 700,000 to support trade growth in least-developed countries (LDCs) through projects funded by the Enhanced Integrated Framework (EIF).
Finland’s contribution was announced at a ceremony held during the EIF Steering Committee meeting on 28 June, with Director-General Ngozi Okonjo-Iweala, Finland’s WTO Ambassador, Ms Heidi Schroderus-Fox, the EIF Board chair, Togo’s WTO Ambassador, Mr Yackoley Kokou Johnson and the EIF Executive Director Ratnakar Adhikari in attendance. Also attending from the EIF partnership at the ceremony were donors, partner agencies and government officials from LDCs.
Finland’s contribution is to the EIF Interim Facility, which was set up to bridge the gap between the end of Phase Two of the EIF and the establishment of a new multilateral support mechanism for LDCs. Discussions on the future mechanism are taking place in a taskforce at the WTO.
With this latest contribution, Finland’s total support for the EIF Trust Fund nears USD 30 million.
Expression of continued commitment
DG Okonjo-Iweala said: “I am delighted that Finland has made this important contribution to the EIF and by extension to the LDCs. It is also timely that this contribution be made during the Aid for Trade Global Review as it represents tangible support that will help to further boost capacity in LDCs.”
Ms Schroderus-Fox, who is also chair of the EIF Steering Committee, said: “Finland is pleased to be contributing to the EIF Interim Facility. This support is the expression of our continued commitment to assisting LDCs in their efforts to improve trade capacities, participate more fully in the global trading system and achieve sustainable economic growth. ”
“Through its new contribution, Finland is upholding its commitment to strengthening LDCs’ trade capacities so they may access international markets more effectively and grow their exports”, said Mr Adhikari. “Coming at a pivotal moment, this support will play a crucial role in enabling us to continue our mission to build LDCs’ trade capacities and drive inclusive economic growth in these countries. Finland’s long-standing commitment is vital for advancing our shared objectives of sustainable growth and for reducing poverty in the world’s most disadvantaged nations.”
Since its inception, the EIF has been the only global Aid for Trade framework exclusively dedicated to helping LDCs use trade as an engine for sustainable economic development and poverty alleviation.
More information about the EIF and its work can be found here.