This is the first instalment of the CHF 1 million that the UK pledged to the EIF Interim Facility at the 13th Ministerial Conference held in Abu Dhabi in late February. The Facility has been 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.
The UK’s contribution to the EIF Interim Facility aims to bolster LDCs’ trade capabilities, enhance their access to global markets and support their export growth. With this latest contribution, the UK’s total support for EIF-facilitated programmes since 2007 has reached approximately CHF 32.6 million.
DG Okonjo-Iweala said: “We are heartened to see the United Kingdom’s contribution of GBP 673,010 (approximately USD 860,000) to the EIF Interim Facility. This generous support plays a crucial role in bridging the gap and maintaining the momentum of the EIF’s efforts in enhancing the trade capabilities of the LDCs and supporting their sustainable economic development. We express our profound gratitude to the United Kingdom for this donation, which demonstrates a deep commitment to the advancement of the LDCs.”
“In the UK’s International Development White Paper, we commit to champion development in the WTO and to support LDCs to fully integrate and participate in the multilateral trading system. We are pleased to be making this additional contribution to the Interim Facility and to be continuing our support of the EIF,” Ambassador Manley stated.
EIF Executive Director Ratnakar Adhikari said: “We are immensely thankful to the UK for its invaluable contribution to the EIF Interim Facility. This support comes at a critical juncture and is key to our work in advancing trade capacity of LDCs to help them enhance and diversify their exports amidst ongoing developmental challenges. The UK’s unwavering support has been instrumental in propelling our collective endeavours towards sustainable growth and inclusivity in the world’s most disadvantaged nations.”
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 — which work together to build trade capacities in LDCs.
More information about the EIF can be found here.
Share
Reach us to explore global export and import deals