Thursday, June 25, 2009

Canadian Sh1.4 billion plan for Africa trade unveiled

Daily Nation [Kenya]

An initiative aimed at boosting international trade for firms in Africa has been launched. Funded by the Canadian International Development Agency, it is intended to enable firms with a high potential for growth to compete in the international market.

The project will be undertaken by Geneva-based International Trade Centre. Speaking in Nairobi, while launching the initiative on Tuesday, Assistant Secretary General (programmes) Stephen Karangizi said three trading blocs, Comesa, Ecowas and Eccas would enhance the sharing of trade information.

“We need to address challenges particularly on supply and demand. “There is need to know what is available at competitive prices. “The success of the project will depend on the interlinkages between institutions,” he said.

Springboard

According to communication from Geneva, the new venture, Programme for building Africa for Trade (PACT 2) will spend CAN$20 million (Sh1.4 billion) and runs up to 2012. Its expected to act as springboard for exporters.