Saudi Arabia gives USD 4 million to help lift poor countries out of poverty through trade

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The FINANCIAL — The Kingdom of Saudi Arabia is actively supporting the Enhanced Integrated Framework (EIF) programme by contributing USD 4 million for the implementation of Phase Two of the programme to help least-developed countries (LDCs) gain from global trade and to provide them with a route out of poverty.

Saudi Arabia had contributed USD 3 million for the implementation of Phase One of the programme.

With the support of its 24 donors — both developed and developing countries — the EIF works in partnership with 48 LDCs to help them tackle supply side constraints to trade. Saudi Arabia’s contribution will promote export led economic growth, sustainable development and will help to bring greater prosperity for the peoples of the poorest countries, accoding to WTO.

Fahad Alnowaiser, Director General, Export Credit Department, Saudi Export Program of the Saudi Fund for Development, said: “The signing of this agreement represents part of the efforts of Saudi Arabia to support the LDCs and assist them to enhance their capacity building, increase their export volumes, play an active role in international trade and achieve economic growth and stability.”

The Ambassador and Permanent Representative of the Republic of Sierra Leone in Geneva and EIF Board Chair, H.E. Yvette Stevens, said: “We greatly appreciate Saudi Arabia’s valuable support to the EIF Trust Fund, which is particularly timely as the programme’s role has been clearly defined in the UN Sustainable Development Goals. Saudi Arabia’s donation will help communities, traders, farmers and entrepreneurs afford medical care, send their children to school and have a decent standard of living paving the way for a sustainable future for the next generation.  I call on other development partners to follow Saudi Arabia’s lead in moving towards lifting the poorest communities out of poverty through the promotion of sustainable trade and rural livelihoods.”

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The Ambassador and Permanent Representative of the Republic of Benin in Geneva and incoming EIF Board Chair, H.E. Eloi Laourou, said: “I highly commend Saudi Arabia’s support to the EIF Trust Fund. Saudi Arabia’s contribution today is a reflection of the Kingdom’s commitment to shared prosperity, to helping the world’s poorest countries to build up trade and export capacities and to enable them to increase their participation in world trade.

The EIF is supported by a multi-donor trust fund and provides financial and technical support to build trade capacity in all 48 LDCs and three recently graduated countries. The EIF is is a unique partnership among donors, LDCs and international agencies (IMF, ITC, UNCTAD, UNDP, UNIDO, UNWTO, World Bank, and WTO). It is the only global Aid for Trade programme exclusively designed to helping LDCs develop sustainable trade strategies aimed at improving people’s lives by promoting private sector development and job and income opportunities. The EIF is recognized under Goal 8a of the UN Sustainable Development Goals.


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