New funding recognises shared commitment to socio-economic development
Stockholm, Sweden – Sweden will provide SEK 30 million (US$ 3 million) in first-time funding to the Global Alliance for Trade Facilitation, the Swedish Ministry of Foreign Affairs announced on 23 September 2024.
The funding will be overseen and distributed by Sida, Sweden’s International Development Cooperation Agency over the next three years through an official partnership with the Alliance. This partnership underscores the country’s continuing commitment to support initiatives that drive economic development and poverty reduction in developing countries.
Emphasising the alignment of the Alliance’s public-private partnership approach with Sweden’s aim of supporting developing countries in boosting inclusive socio-economic growth, the country’s Minister for International Development Cooperation and Foreign Trade, Benjamin Dousa, said: “The Alliance has shown that targeted measures promoting cooperation between governments and businesses have great potential to create economic growth through increased trade in developing countries. Creating synergies between development cooperation, promotion and trade policy is a key part of the Government’s reform agenda for Swedish development assistance.”
The Alliance has been working since 2015 to support low and middle-income countries to trade more efficiently and cost-effectively, promoting inclusive economic growth and helping to reduce poverty. The funding will enable the Alliance to continue and expand its activities, delivering targeted and measurable trade facilitation reforms in developing countries worldwide.
Companies in developing countries, particularly micro, small, and medium enterprises (MSMEs), often face significant obstacles to international expansion, including cumbersome border processes that create unnecessary delays and additional costs. Inability to access the global marketplace hobbles economic activity, damaging employment growth and national competitiveness.
The Alliance supports these countries in identifying bottlenecks to trade, bringing together governments and local businesses as equal partners in implementing targeted, cost-effective solutions. The Alliance’s network of Global Business Partners, including household names like Swedish companies H&M and IKEA, also provide invaluable in-kind inputs towards achieving project goals.
In welcoming Sweden as the Alliance’s latest donor Director Philippe Isler said: “We are delighted to add Sweden as a donor. This funding will enable us expand our reach, implement new programmes and create more opportunities for inclusive growth and development.”