Traders receive World Bank financial boost
From PHYLLIS BIRORI in Kigali, Rwanda
KIGALI, (CAJ News) – THOUSANDS of Rwandan traders and their families are poised to benefit from US$79 million International Development (IDA) grant and credit the World Bank has approved.
The traders from Rwanda will benefit alongside counterparts in Africa’s Great Lakes Region.
Some 80 000 such members of the public,w hose livelihoods depend on cross-border trade, will benefit from greater food security, more jobs,and an overall increase in welfare.
Makhtar Diop, World Bank Group Vice President for the Africa Region, said regional approaches to trade facilitation were critical to leverage national efforts.
“The three Great Lakes countries included in this project share similar challenges that must be tackled through collective action, and borders are the solution provided they are safe and enable traders to do business
in a conducive environment.”
For many communities in the DRC, Rwanda and Uganda, key markets are situated across the border and informal cross-border trade plays a major role in linking small producers to markets.
Monday’s financing will support the Great Lakes Trade Facilitation Project, which is designed to reduce the costs faced by traders, the majority of whom are small-scale and women traders, in the surrounding borders of the Democratic Republic of the Congo (DRC), Rwanda and Uganda.
– CAJ News
Short URL: http://cajnewsafrica.com/?p=8413