TradeMark Africa has received a $63 million (Sh9.9 billion) grant from the Netherlands towards sustainable and inclusive trade initiatives in the continent.
The investment running to 2030 will help strengthen trade systems, benefitting local traders and Dutch businesses, fueling economic growth, and nurturing sustainable livelihoods across various sectors in Africa.
"The government of the Netherlands, through its Ministry of Foreign Affairs, in a significant boost to global trade development, has announced a $63 million funding to TradeMark Africa, a leading aid-for-trade organisation," read a statement from TradeMark, formerly TradeMark East Africa.
The investment is expected to improve market access for local products at the global level, in addition to bolstering initiatives that drive innovation, research, and development within the African market, enhancing competitiveness and green trading practices.
"TradeMark Africa will significantly contribute to a more inclusive and prosperous trade landscape for the African continent, benefitting both African and Dutch businesses," said Mr Marchel Gerrmann, ambassador for business and development cooperation at the Dutch Ministry of Foreign Affairs.
TradeMark Africa was established in 2010 as an aid-for-trade organisation aimed at growing intra-African trade and increasing the continent’s share in global trade.
“We are excited to continue this partnership, focusing on the trade challenges of the coming years – not least ensuring Africa is a pioneer in green trade, and that the benefits of trade corridors reach people and geographies in most need of the economic boost that they bring,” said the company CEO, David Beer.
“These programmes will contribute to a thriving, resilient and inclusive trading landscape.”
He added that the relationship between the organisation and the Netherlands has helped in reducing the cost and time of trade across East Africa.
TradeMark is funded by Belgium, the Bill and Melinda Gates Foundation, Canada, Denmark, the European Union, Finland, France, Ireland, the Netherlands, Norway, the United Kingdom and the United States of America among others.
The firm works closely with regional intergovernmental organisations, including the African Union (AU), the African Continental Free Trade Area (AfCFTA) Secretariat, the East Africa Community (EAC), the Intergovernmental Authority on Development (IGAD), the Common Market for East and Southern Africa (COMESA), the Southern Africa Customs Union (SACU), national Governments, the private sector and civil society organisations.
These organisations help trade among African countries, stimulate production through the development of regional value chains, and ensure manufacturing, agro-processing and other activities across the continent.
The AfCFTA is expected to boost intra-African trade by over 30 per cent by 2045 and is projected to provide an average extra 2.7 per cent Gross Domestic Product boost across the continent.
The AfCFTA could lift 30 million Africans out of poverty by 2035, offering market opportunities to both Africa and its trade partners.