Finland grants €2m to boost trades of LDCs

Finland allocated EUR two million in 2021-2022 for the Enhanced Integrated Framework (EIF), which works to strengthen the creation of trading opportunities for the least-developed countries (LDCs).

The agreement on the support was signed in Geneva on Tuesday, said the Ministry for Foreign Affairs in a press release.

Finland so far has supported the EIF partnership since 2008 by about EUR 23.5 million.

Minister for Development Cooperation and Foreign Trade Ville Skinnari considers that the support to the EIF is important in that it strengthens least developed countries’ financial capacity.

“Least developed countries have not benefited from the opportunities offered by global trade as was expected when the Sustainable Development Goals (SDGs) were adopted. Through its long-term support, Finland strengthens LDCs’ export efforts and helps them lay a foundation for recovery in the aftermath of the COVID-19 pandemic. I am also happy that the EIF is assisting LDCs to reform their economies in a more equitable and climate-resilient direction,” said the minister.