Kingdom of Saudi Arabia aids poorest countries with US$4 million to fight poverty through export‑led trade

9 March 2017

 

The Kingdom of Saudi Arabia is actively supporting the Enhanced Integrated Framework (EIF) programme by contributing for the implementation of Phase Two of the programme US$4 million to help the world's Least Developed Countries (LDCs) to make gains from global trade and provide a route out of poverty. Saudi Arabia has also previously contributed US$3 million for the implementation of Phase One of the programme.

 

Saudi Arabia's contribution boosts the financial support provided by developed and developing countries to the EIF Trust Fund with current backing from 24 Donors. The EIF is working in partnership with 48 LDCs to give them the tools and assistance needed to tackle supply‑side constraints to trade, which will promote export‑led economic growth, sustainable development and bring greater prosperity to the wider population.

 

Mr Fahad Alnowaiser, Director General, Export Credit Department, Saudi Export Program, The Saudi Fund for Development, states that"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."

 

H.E. Ms Yvette Stevens, Ambassador and Permanent Representative of the Republic of Sierra Leone in Geneva and EIF Board Chair, comments, "We greatly appreciate Saudi Arabia's timely and valuable support to the EIF Trust Fund. The significance of this noble gesture is quite timely, particularly with the programme's role clearly defined in the Sustainable Development Goals. With the support provided, the programme will be able to continue to make an impact in the poorest countries worldwide, promoting rural livelihoods and helping communities, traders, farmers and entrepreneurs to escape the trap of poverty, 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 advancing the fight against poverty through supporting sustainable trade in the LDCs."

 

H.E. Mr Eloi Laourou, Ambassador and Permanent Representative of the Republic of Benin in Geneva and incoming EIF Board Chair, notes: "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 be able to access more of the global market."

 

Notes to editors:

 

The EIF is a multi-donor trust fund, which provides coordinated financial and technical support to build trade capacity in all 48 LDCs and three graduated countries. The EIF is the only global Aid for Trade programme exclusively designed for the LDCs and is, therefore, uniquely placed to assist countries to develop sustainable trade strategies, which have a positive impact on people's lives through the promotion of private sector development and job and income opportunities. The EIF is recognized under Goal 8a of the Sustainable Development Goals.

 

For further information, please contact: eif.secretariat@wto.org or visit our website www.enhancedif.org.

 

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