The African Aid-for-Trade Organization TradeMark Africa has received a significant boost of Sh10.1 billion ($63 million) from the Dutch government. The funding aims to advance sustainable trade and economic inclusivity in Africa, with a focus on green economic growth, innovative trade practices, and inclusive trade initiatives.
According to Marchel Gerrmann, Ambassador for Business and Development Cooperation at the Netherlands Ministry of Foreign Affairs, this investment will significantly contribute to creating a more inclusive and prosperous trade landscape for both African and Dutch businesses. The funds, spanning until 2030, will be utilized to strengthen trade systems to benefit local exporters, foster economic growth, and create sustainable livelihoods across diverse sectors.
As part of its Africa Strategy, the Netherlands is also dedicated to supporting the implementation of the African Continental Free Trade Area (AfCFTA). The AfCFTA is projected to boost intra-African trade by over 30 percent by 2045 and provide an average additional 2.7 percent GDP boost across the continent. Furthermore, it could potentially lift 30 million Africans out of poverty by 2035 and offer market opportunities to African and Dutch businesses alike.
David Beer, CEO of TradeMark Africa, expressed excitement about the partnership, emphasizing the importance of focusing on trade challenges in the coming years, particularly in ensuring that Africa becomes a pioneer in green trade. He also highlighted the significance of ensuring that the benefits of trade corridors reach people and geographies most in need of the economic boost.
In conclusion, the investment from the Dutch government is expected to contribute to a thriving, resilient, and inclusive trading landscape, providing a significant impetus to Africa’s economic development.
