Your search keywords:

Sweden gives SEK 27 million to support trade growth in LDCs through EIF Facility

Sweden gives SEK 27 million to support trade growth in LDCs through EIF Facility

The government of Sweden is contributing SEK 27 million (approximately CHF 2.3 million) to help least-developed countries (LDCs) maintain economic growth with the support of the Enhanced Integrated Framework (EIF). Sweden’s contribution is to the newly established 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.

Sweden's contribution was confirmed at a meeting attended by Sweden's Director General for Trade Policy at the Ministry of Foreign Affairs, Per-Arne Hjelmborn, and the EIF Executive Director, Ratnakar Adhikari, on 27 February in Abu Dhabi on Day 2 of the WTO's 13th Ministerial Conference.

Sweden's contribution made available through its development agency Sida, will help to support EIF-led projects while discussions regarding the establishment of a new mechanism are progressing in a taskforce at the WTO.

The total of Sweden's contributions to EIF-led programmes since 2007 amounts to approximately CHF 31.8 million (SEK 370 million).

"Sweden is delighted to be contributing to the EIF Interim Facility as a testament of our long-standing engagement to sustainable trade and development of LDCs during this critical transitional period," said Mr Hjelmborn. "Sweden values the collaboration with the EIF partnership in shaping a strategic approach to facilitate this transition. We are committed to preserving and enhancing the progress achieved, ensuring impactful outcomes while we collectively engage in deliberations on the future Aid for Trade mechanism for LDCs to further promote their integration into global trade," he added.

Mr Adhikari stated: "The EIF is profoundly grateful for Sweden's generous contribution, especially as we navigate this crucial transitional period. This support is crucial for sustaining our efforts in empowering LDCs, which continue to face persistent economic vulnerabilities and pressing developmental needs. Sweden's steadfast commitment to sustainable development underscores the necessity of collective action to preserve and enhance the achievements reached thus far. Sweden's latest contribution is expected to be a cornerstone in promoting sustainable trade capacity development, focusing on empowering LDCs to achieve inclusive growth, increased export capabilities, and broader market access."

The EIF is the only global Aid-for-Trade initiative dedicated exclusively to empowering LDCs to use trade as an engine for sustainable economic growth development and poverty reduction. It is a unique global partnership between LDCs, donors and partner agencies - including the WTO - who work together to build trade capacities in LDCs.