In May, the EIF Steering Committee approved a recommendation from the EIF Taskforce for a third phase of its initiative. This phase will extend until 2031 and supports the UN Doha Programme of Action for Least Developed Countries (LDCs). The EIF's Phase Three aims to provide catalytic support to LDCs and will be introduced at a high-level side event on June 30. This event is co-organized by Finland, Djibouti, and the EIF Executive Secretariat during the Fourth International Conference on Financing for Development in Sevilla, Spain.
H.E. Mr Ville Tavio, Finland’s Minister for Foreign Trade and Development, stated: “Finland sees the next phase of the EIF as an investment in the potential of the world’s least-developed countries to harness trade for sustainable growth. As preparations for Phase Three advance, we hope this contribution will help generate momentum and encourage continued international support for this important initiative — by old and new donors. We look forward to co-hosting discussions in Seville that will help shape a more inclusive and resilient global trading system.”
WTO Director-General Ngozi Okonjo-Iweala commented: “Finland`s early support for Phase Three of the EIF comes at a critical juncture for trade, aid, and development. LDCs need stable and predictable support to strengthen their trade capacities and navigate today`s uncertainties and opportunities. Finland's leadership will help lay the foundation for an even more impactful phase of EIF work. We deeply value Finland`s continued commitment to inclusive development through trade and encourage other partners to join this initiative.”
EIF Executive Director Ratnakar Adhikari added: “Finland's generous and timely pledge of EUR 2.5 million marks an important step toward launching the next phase of the EIF. This contribution reflects Finland's continued engagement with the EIF and underscores the kind of partnership that has been central to the programme's success. It strengthens our ability to deliver targeted support as we move into Phase Three.”
The EIF has been uniquely dedicated as a global Aid for Trade programme since its inception, focusing exclusively on assisting least-developed countries in utilizing trade as an economic transformation tool. The upcoming Phase Three intends to build upon previous efforts by further supporting LDCs' integration into the global trading system.
More information on the EIF is available here.