Malawi to benefit from K170bn fund
Least developed countries (LDCs), including Malawi stand to benefit from three trust funds United Arab Emirates (UAE) government that seek to deepen the countries’ integration into the global economy.
Speaking at the 13th World Trade Organisation (WTO) Ministerial Conference (UAE) in Abu Dhabi, UAE on Tuesday, Minister of Foreign Affairs Abdullah bin Zayed Al Nahyan said they are contributing $10 million to three trust funds to be run by WTO for the benefit of LDCs.
He said: “I am pleased to announce that the UAE is providing $10 million grant to support WTO trust funds, notably the Fisheries Funding Mechanism, the Enhanced Integrated Framework, and the Women Exporters in the Digital Economy Fund which has been launched during this conference.”
Minister of Trade and Industry Sosten Gwengwe welcomed the funding, saying Malawi will utilise the three funds to boost trade, especially among women.
He said: “We stand to benefit from the funding, mainly through the Enhanced Integrated Framework that helps LDCs and the Women Exporters in the Digital Economy Fund.
“The WTO is the country’s main trade facilitation institution and works closely with our ministry and the Malawi mission in Geneva to help women, participation in business.”
In her remarks, WTO director general Ngozi Okonjo-Iweala said she was grateful to UAE for being the first country to contribute $10 million to the three funds.
She said: “The gesture underscores UAE’s steadfast commitment to fostering sustainable and inclusive trade. This timely donation not only bolsters our collective efforts towards enhancing fisheries sustainability, facilitating trade for LDCs, and empowering women entrepreneurs but also exemplifies UAE’s pivotal role as the host of the conference, where such initiatives can flourish and make a tangible difference on a global scale.”
The Fisheries Funding Mechanism aims to assist developing and LDC members in implementing the agreement on fisheries subsidies through targeted technical assistance and capacity building.
The EIF Trust Fund is aimed at enabling LDCs to build their capacity to participate and benefit from international trade opportunities.
The Women Exporters in the Digital Economy Fund will help women-led businesses and women entrepreneurs in developing countries and LDCs adopt digital technologies and expand the online presence of their enterprises.
