Finland will provide EUR 9.8 million to TradeMark East Africa (TMEA) to support its work in enhancing trade across the East African Community to increase prosperity in the region.
“We know that the new strategy will move the region beyond the accomplishments of the past, creating job opportunities, and opening up, until now, marginalised areas to development through interventions at various nodes of East Africa Trade Network from ports to the hinterlands. We are also happy that creating economic opportunity for women is central to TMEA:s new strategy This is why we are committed to supporting the second phase of TMEA’s programme.” says Ambassador of Finland Tarja Fernández
The agreement was signed by Ambassador Tarja Fernández and Frank Matsaert, CEO of TradeMark East Africa. The grant agreement will make available Euro 9.8 million to support regional economic integration through TMEA over the period 2017 to 2020.
The agreement will advance common goals of increasing trade within East Africa by reducing the time and cost of transiting and transporting goods. The partnership will also support East African Community (EAC) regional trade integration.
Finland’s strategy for development cooperation and action plan for aid for trade put more emphasis on the development of trade and regional economic integration. The Finnish government believes that supporting increased trade in the region in combination with assistance to the private sector will accelerate economic growth and jobs, with the ultimate goal of poverty reduction.