By Vincent Obi
Naivasha, Kenya – To unlock Africa’s economic potential through reducing the time and cost of cross-border trade, the Finnish Government on Friday announced 12 million Euro funding to TradeMark Africa (TMA).
The funding will support projects aligned with TMA’s third strategic plan (2023 – 2030) which will advance inclusive, clean, and digital trade in Africa.
The announcement was made in Naivasha, Kenya, by Finland’s Minister for Foreign Trade and Development, Ville Tavio, alongside the TMA CEO, David Beer.
The Finnish Minister expressed his satisfaction at the progress and impact of projects supported by Finland through TMA, noting that the renewed support resonates with Finland’s commitment to championing sustainable development and economic growth in Africa.
He further emphasized the importance of technology, noting: “Now, the digitalization is brought to the center of the activities. Harnessing the new technologies is a key to surpass some of the challenges faced by the African Continent.”
Tavio highlighted the mutual benefits of TradeMark Africa’s efforts.
He said: “We believe that TradeMark Africa’s work also benefits us directly.”
“The increased economic activity in this part of the world creates more opportunities for our companies as well.
“Finland is proud to be part of your success story of regional economic integration.”
This funding is particularly timely as TMA designs new projects that are expected to generate impact in the context of the African Continental Free Trade Area (AfCFTA).
TMA CEO David Beer, praised Finland’s longstanding support, which has delivered projects that have driven down the cost and time of trading across borders in the region, and boosted trade between Africa and Europe.
“This partnership allows us to deliver real results for businesses in Africa. We have seen delay times at major ports reduce, and the time and cost of transporting goods along East African corridors go down significantly.
“These successes increase margins for exporters and build trade flows. As we expand our operations across Africa, we are grateful for Finland’s strong continued commitment to taking down trade barriers in Africa,” Mr. Beer remarked.
Over the past 10 years, Finland has contributed over 26.9 million Euros (US$29 million) in core funding through TMA, which has facilitated innovation, sustainability, and cross-border collaboration, resulting in empowered enterprises.
These interventions include digitization of port systems, construction and operationalization of one-stop border posts (OSBPs), support for women in trade, among others.
Since its establishment in 2010, TMA has implemented initiatives aimed at increasing efficiencies through physical and digital infrastructure development, enhancing trade policies, and building at the ports of Mombasa and Dar es Salaam.
TMA has also supported implementation of customs systems for revenue agencies such as Kenya Revenue Authority’s Integrated Customs Management System (iCMS), Uganda Revenue Authority’s Asycuda World System, and national electronic single windows in Uganda, Rwanda, and Burundi
