TradeMark Africa, a leading aid-for-trade organization, secured a substantial $63 million (Sh9.8 billion) grant from the Netherlands.
This multi-year investment, spanning until 2030, will significantly bolster TradeMark Africa's efforts to foster sustainable and inclusive trade across the African continent.
The initiative aims to strengthen trade systems, empower local businesses, and fuel economic growth while prioritizing environmental responsibility.
In a statement released by TradeMark, it was revealed that the grant, facilitated by the Dutch Ministry of Foreign Affairs, underscores a commitment to bolstering global trade development.
"The government of the Netherlands, through its Ministry of Foreign Affairs, in a significant boost to global trade development, has announced a $63 million funding to TradeMark Africa," TradeMark announced in a statement.
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Marchel Gerrmann, Ambassador for Business and Development Cooperation at the Dutch Ministry of Foreign Affairs, expressed optimism about the impact of the investment.
"TradeMark Africa will significantly contribute to a more inclusive and prosperous trade landscape for the African continent, benefitting both African and Dutch businesses," Gerrmann declared.
According to the Dutch Government, the investment will be used to fortify trade systems, benefitting local traders and exporters, fueling economic growth, and nurturing sustainable livelihoods across various sectors in Africa.
The grant empowers TradeMark Africa to tackle critical challenges and seize opportunities in four key areas:
1. Streamlined Trade Logistics: Reducing the time and costs associated with border crossings and customs procedures remains a crucial barrier to intra-African trade.
TradeMark Africa will collaborate with governments and regional bodies to streamline processes, implement digital solutions, and enhance infrastructure, thus facilitating smoother trade flows.
2. Enhanced Market Access: The grant will enable TradeMark Africa to empower African businesses by enhancing their access to regional and international markets.
This includes providing market intelligence, facilitating trade finance, and strengthening compliance with international standards. By bridging the gap between African producers and global buyers, the initiative aims to unlock new opportunities and boost export competitiveness.
3. Green Trade Solutions: Recognizing the paramount importance of sustainability, TradeMark Africa will actively promote environmentally friendly practices throughout the entire value chain.
This includes supporting the development of green technologies, promoting sustainable agricultural practices, and encouraging the adoption of eco-friendly packaging solutions.
4. Inclusive Economic Growth: The initiative seeks to ensure that the benefits of trade reach all segments of society, particularly those most in need.
This includes supporting small and medium-sized enterprises (SMEs), empowering women and youth entrepreneurs, and promoting inclusive trade policies that benefit marginalized communities.
David Beer, CEO of the organization, emphasized the importance of partnerships in addressing evolving trade challenges.
"We are excited to continue this partnership, focusing on the trade challenges of the coming years – not least ensuring Africa is a pioneer in green trade," Beer stated.
This collaboration aligns seamlessly with the implementation of the African Continental Free Trade Area (AfCFTA), which is projected to significantly boost intra-African trade by 2030.
TradeMark Africa's expertise and extensive network of partners will be instrumental in ensuring the success of this landmark initiative, contributing to a more integrated and prosperous African continent.
The grant from the Netherlands signifies a resounding vote of confidence in TradeMark Africa's work and its potential to catalyze positive change.
By championing sustainable and inclusive trade practices, the initiative holds the power to unlock Africa's economic potential, create jobs, lift millions out of poverty, and contribute to a brighter future for the continent.
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