Friday February 26, 2021

Finland to support female entrepreneurs in developing countries

Published : 19 Jan 2021, 00:33

Updated : 19 Jan 2021, 10:25

  DF Report

The agreement was signed by Executive Director of the International Trade Centre Pamela Coke-Hamilton and ambassador Kirsti Kauppi. Press Release Photo: International Trade Center via Ministry for Foreign Affairs.

Finland will grant EUR five million to the International Trade Centre (ITC) in 2021–2022 to support women’s and young people’s business activities in developing countries.

An agreement in this regard was signed between ITC Executive Director Pamela Coke-Hamilton and Finnish Ambassador Kirsti Kauppi in Geneva on Monday, said the Ministry for Foreign Affairs in a press release.

Of the EUR five million granted by Finland, EUR two million will be in the form of core funding and EUR three million will be channelled to measures strengthening women’s and young people’s business activities and refugees’ opportunities to earn a livelihood, developing the African Continental Free Trade Area (AfCFTA), and promoting circular economy.

Minister for Development Cooperation and Foreign Trade Ville Skinnari considers that Finland’s support to ITC is a considerable investment in both the development of business activities and the strengthening of women’s and girls’ rights in developing countries.

“Through Finland’s funding to ITC, developing countries will be able to reinforce the base of their economies during this challenging time. The funding will also create preconditions for reconstruction in the aftermath of the COVID-19 pandemic. We need to stop managing poverty and start creating wealth. I encourage Finnish companies to engage in cooperation with ITC as a way to find new business opportunities,” said the foreign minister.