The World Bank Board of Executive Directors approved on 7 April 2016, a total of USD29.9 million for Mauritius, Mozambique and Seychelles to support their efforts to collaborate and create regional reforms that will improve the trading environment within Africa.
Mark Lundell, World Bank Country Director for Mozambique, Mauritius and Seychelles explains that, “This initiative is built on an increasing body of knowledge on the barriers that continue to restrict trade in goods and services in Africa and the economic benefits of deeper economic integration between African countries.
The International Development Association (IDA) credit will support the Accelerated Program for Economic Integration (APEI) that will help to improve the policy environment for trade in APEI countries. The program will focus on removing barriers to trade, promoting trade in services, and boosting resources to facilitate trade.
The APEI is an initiative of five countries and the financing approved on the 7 April 2016 is part of a two-series to support the initiative. This first operation supports Mozambique, Mauritius and Seychelles while the second will go on to include Malawi and Zambia as well. The initiative is expected to facilitate trade across the region and has the potential to facilitate the emergence of regional supply chains in the continent.
Source: The Financial
Published on: 9 April 2016