GOVERNMENT OF SWEDEN PROVIDES USD 15 MILLION TO TRADEMARK EAST AFRICA IN SUPPORT OF REGIONAL ECONOMIC INTEGRATION

Nairobi – 3 October, 2012
The Government of Sweden has signed a contribution agreement today with TradeMark Africa ( TMA ). The grant agreement will make available USD 15 million (approximately KES 1.25 billion) to support regional economic integration through TradeMark Africa (TMA) over the period October 2013 to December 2016.

As part of Sweden’s strategy for development cooperation, Sweden puts more emphasis on regional economic integration and development. Sweden considers that support to measures towards increased trade in the region and in combination with assistance to the private sector will accelerate economic growth and employment generation, with the ultimate goal of poverty reduction.

The key areas for the grant will include work with TradeMark Africa’s core partners on reducing the costs of trade in the region, focusing on:

Removal of non-tariff barriers to trade.
Support to regional private sector growth.
Promotion of infrastructure projects , such as port development, to boost trade.
Efficiency and infrastructure improvements at key border crossings in East Africa.
Strengthening the trade environment and progress on East African regional integration.

As stated by the Chargé d’Affaires at the Embassy of Sweden, Mr. Björn Häggmark during the signing, “This additional core investment underlines Sweden’s commitment to East African integration. East Africa’s potential has never been greater; East Africa is an increasingly important and vibrant player in the world economy. It must also be remembered that integration is not only about economics. Integration does also enhance peace and stability. Sweden continues to support TradeMark Africa (TMA) to push forward the agenda on economic integration. Investments in regional trade infrastructure and support to the private sector will ensure that businesses are able to thrive and create jobs needed to make this region prosper. Ultimately, this will reduce poverty in the region.”

Mr. David Leahy, a member of TradeMark Africa (TMA)’s Board of Directors, signed the agreement on behalf of TradeMark Africa (TMA). He noted, “We very much welcome this increased support from the Government of Sweden for our work, and thank them for their commitment. A year and a half after our launch, implementation of TradeMark Africa’s (TMA) comprehensive programme to increase trade, reduce the region’s transport costs and increase the pace of economic integration is scaling up rapidly. All these activities are essential to sustain the region’s growth rates and reduce poverty.”

In his speech TradeMark Africa (TMA)’s CEO, Mr. Frank Matsaert, said “The Swedish government continues to be a key partner in promoting regional and economic integration in East Africa. We thank them sincerely for their support to our work. TradeMark Africa will continue to focus its efforts on increasing trade and prosperity in East Africa, primarily through investing where there will be the biggest impact for East Africa’s people and private sector. This involves investing in key regional trade infrastructure projects , such as one stop border posts (OSBPs) and the ports of Mombasa and Dar es Salaam.”

NOTES FOR EDITORS

To arrange for interviews please contact:
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Nelson Karanja
Communications Manager
TradeMark Africa
Tel: +254 20 4235221
Mobile: +254 731 500 596
Email: nelson.karanja@trademarkea.com
URL: www.trademarkea.com
[/su_column][su_column size=”1/3″]Linda Widmark
Press Officer
Embassy of Sweden
Tel: +254 20 4234000/54
Mobile: +254 733 331 117
Email: linda.widmark@foreign.ministry.se
URL: www.swedenabroad.com/nairobi[/su_column][su_column size=”1/3″] [/su_column][/su_row]

Source: TradeMark Africa(TMA)

TradeMark Africa (TMA) is an aid-for-trade organisation that was established with the aim of growing prosperity in East Africa through increased trade. TradeMark Africa (TMA) operates on a not-for-profit basis and is funded by the development agencies of the following countries: Belgium, Canada, Denmark, Finland, the Netherlands, UK, and USA. TradeMark Africa (TMA) works closely with East African Community (EAC) institutions, national governments, the private sector and civil society organisations.