EQS-News: Africa Finance Corporation (AFC) / Key word(s): Agreement
Africa Finance Corporation Signs Joint Declaration with UNIDO and Backs Cotton Partnership at WTO’s Aid-for-Trade Global Review

04.07.2024 / 11:45 CET/CEST
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Africa Finance Corporation (AFC) Signs Joint Declaration with the United Nations Industrial Development Organization (UNIDO) and Backs Cotton Partnership at World Trade Organization’s (WTO) Aid-for-Trade Global Review

 

Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, has signed a joint declaration with the United Nations Industrial Development Organization (UNIDO) to enhance sustainable industrialisation and committed to support the 'Partenariat pour le coton' initiative, which seeks to enhance Africa’s role within the global textile and apparel value chains. Aligned with AFC’s commitment to drive Africa’s sustainable development, the declarations were signed at the ongoing Aid-for-Trade Global Review at the World Trade Organization (WTO) headquarters in Geneva, Switzerland.

AFC’s work with UNIDO is aimed at advancing sustainable industrialisation in developing economies, with the two institutions focused on catalysing private investment across several sectors while supporting energy access and transition, industrial decarbonisation, and the development of agro-industries through mobilising the knowledge, expertise, and financial resources required to achieve the UN sustainable development goals (SDGs).

Separately, AFC agreed to collaborate with UNIDO, the WTO, the International Trade Centre (ITC), the African Export-Import Bank (Afreximbank), and the International Islamic Trade Finance Corporation (ITFC) to support the 'Partenariat pour le coton'. This initiative aims to strategically position African nations – notably Benin, Burkina Faso, Chad, Mali, and Côte d'Ivoire – within the global textile and apparel value chains. The partnership will focus on constructing regional hubs for sustainable textiles to boost trade competitiveness and spur economic development within Africa’s cotton sectors. Supported by a joint declaration aligned with the UN SDGs, the initiative is committed to transforming the cotton industry by implementing sustainable practices, creating jobs, empowering women and youth, and enhancing technology and infrastructure.

'Partenariat pour le coton' extends AFC’s already significant role in transforming Africa’s textiles industry through investee company ARISE IIP’s Glo-Djigbé Industrial Zone (GDIZ) in Benin Republic. The GDIZ hosts a textile manufacturing plant that processes locally sourced raw cotton to create finished t-shirts for sale in domestic and international markets. The GDIZ’s 'Made-in-Benin' t-shirts now retail at The Children’s Place Store in the US, and it recently exported 80,000 children's leggings to the French brand Kiabi. This milestone showcases the significant potential of Africa's textile industry and marks a major step in integrating Benin Republic into the global textiles and clothing market.

AFC’s President & CEO, Samaila Zubairu said: "These joint declarations are a reaffirmation of AFC's commitment to driving sustainable development in Africa. By partnering with esteemed global organizations such as UNIDO and supporting transformational initiatives like the 'Partenariat pour le coton,' we are setting the stage for rapid economic and industrial advancements that will create quality jobs and wealth.”

AFC’s recently published "State of Africa’s Infrastructure Report 2024" identified significant infrastructure gaps and, correspondingly, immense investment opportunities in key sectors including power, transport, and digital communications.

Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

Download image 1: https://apo-opa.co/3RTsPis (AFC partners with UNIDO and key global organizations to enhance sustainable industrialization and support Africa’s cotton sector through the 'Partenariat pour le coton' initiative)

Download image 2: https://apo-opa.co/3RPRwML (AFC partners with UNIDO and key global organizations to enhance sustainable industrialization and support Africa’s cotton sector through the 'Partenariat pour le coton' initiative)

Media Enquiries:
Yewande Thorpe
Communications
Africa Finance Corporation
Mobile : +234 1 279 9654
Email : yewande.thorpe@africafc.org

About AFC:

AFC was established in 2007 and has been the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.

Seventeen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 43 member countries and has invested US$13 billion across Africa since inception. www.AfricaFC.org



04.07.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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1939831  04.07.2024 CET/CEST

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