Finland commits EUR 2.5 million to new phase of EIF support for sustainable trade in LDCs

In May, the EIF Steering Committee endorsed a recommendation by the EIF Taskforce for a third phase of the initiative, to run up to 2031 in support of the UN Doha Programme of Action for LDCs.

Designed to provide catalytic and transformative support to LDCs, the EIF's Phase Three will also be presented at a high-level side event on 30 June co-organized by Finland, Djibouti and the EIF Executive Secretariat as part of the Fourth International Conference on Financing for Development in Sevilla, Spain.

H.E. Mr Ville Tavio, Finland`s Minister for Foreign Trade and Development, said: “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 welcomed the announcement, saying: “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 said: “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.”

Since its inception, the EIF has been the only global Aid for Trade programme exclusively dedicated to helping least-developed countries use trade as a tool for economic transformation. Phase Three will build on the previous phases, continuing efforts to support LDCs in their integration into the global trading system.

More information on the EIF is available here.