Sweden has pledged SEK 27 million (equivalent to approximately CHF 2.3 million) to bolster economic growth in least developed countries (LDCs) through the Enhanced Integrated Framework (EIF). This funding will aid LDCs in maintaining their economic momentum during the transitional phase between the end of Phase Two of the EIF and the establishment of a new multilateral support mechanism.
The announcement of Sweden's contribution came during a meeting attended by Per-Arne Hjelmborn, Sweden's Director General for Trade Policy at the Ministry of Foreign Affairs, and Ratnakar Adhikari, the Executive Director of EIF, held on February 27 in Abu Dhabi during the WTO's 13th Ministerial Conference.
Administered through Sweden's development agency Sida, this contribution will support EIF-led projects while discussions progress within a WTO taskforce to establish a new mechanism.
Sweden's commitment to the EIF is long-standing, with contributions totaling approximately CHF 31.8 million (SEK 370 million) since 2007. Mr. Hjelmborn emphasized Sweden's dedication to sustainable trade and LDC development, particularly during this transitional phase. He highlighted the importance of collaboration with the EIF partnership in navigating this critical period and shaping a strategic approach to facilitate LDC integration into global trade.
Mr. Adhikari expressed profound gratitude for Sweden's generous support, stressing its significance in empowering LDCs amidst persistent economic vulnerabilities. He underscored Sweden's commitment to sustainable development and emphasized the necessity of collective action to preserve and enhance the achievements made thus far. The latest contribution from Sweden is expected to play a pivotal role in promoting sustainable trade capacity development, focusing on empowering LDCs to achieve inclusive growth, expand export capabilities, and access broader markets.
The EIF stands as the sole global Aid-for-Trade initiative dedicated exclusively to empowering LDCs to utilize trade as a catalyst for sustainable economic growth, development, and poverty reduction. It represents a unique global partnership among LDCs, donors, and partner agencies, including the WTO, working collaboratively to build trade capacities in LDCs.
