Africa Finance Corporation (AFC) signs joint statement with the United Nations Industrial Development Organization (UNIDO) and supports the Cotton Partnership during the World Trade Organization's global review of Aid for Trade trade (WTO)
The partnership will work to establish regional sustainable textile hubs to boost commercial competitiveness and encourage economic development in Africa's cotton sectors.
Africa Finance Corporation (AFC) (www.AfricaFC.org), the continental leader in infrastructure solutions, has signed a joint declaration with the United Nations Industrial Development Organization (UNIDO) with a view to promote sustainable industrialization, and committed to supporting the Cotton Partnership initiative, which aims to strengthen Africa's role in global textile and clothing value chains. In line with AFC's commitment to supporting Africa's sustainable development, the declarations were signed as part of the global review of Aid for Trade at the World Trade Organization (WTO) headquarters. in Geneva, Switzerland.
AFC's work with UNIDO aims to promote sustainable industrialization in developing countries, with both entities working to catalyze private investment in various sectors, while supporting energy access and transition, industrial decarbonization and the development of agri-food industries through the mobilization of knowledge, expertise and financial resources necessary to achieve the UN Sustainable Development Goals (SDGs).
Additionally, AFC is committed to collaborating with UNIDO, WTO, International Trade Center (ITC), African Export-Import Bank (Afreximbank) and International Islamic Trade Finance Corporation (ITFC) to support the Cotton Partnership. This initiative aims to strategically position African nations, in particular Benin, Burkina Faso, Chad, Mali and Ivory Coast, on the global stage of textile and clothing value chains. The partnership will work to establish regional sustainable textiles hubs to boost commercial competitiveness and encourage economic development in Africa's cotton sectors. Backed by a joint declaration in line with the UN SDGs, the initiative commits to transforming the cotton industry by deploying sustainable practices, creating jobs, empowering women and youth, and strengthening technology and infrastructure.
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The Cotton Partnership amplifies the already important role played by AFC in the transformation of the African textile industry through the company ARISE IIP in the Glo-Djigbé industrial zone (GDIZ) in Benin. The GDIZ hosts a textile manufacturing plant that processes locally sourced raw cotton to create finished t-shirts sold on the national and international market. GDIZ’s “Made in Benin” t-shirts are now resold in the Children’s Place Store in the United States, and the company recently exported 80,000 children’s leggings for French brand Kiabi. Such enthusiasm demonstrates the significant potential of the African textile industry and constitutes a notable milestone in the integration of Benin into the global textile and clothing market.
Samaila Zubairu, President and CEO of AFC: “These joint statements reaffirm AFC’s commitment to sustainable development in Africa. In partnership with leading global organizations like UNIDO and supporting transformational initiatives like the Cotton Partnership, we are paving the way for rapid economic and industrial progress that will generate quality jobs and wealth. »
The recently released AFC 2024 State of Africa's Infrastructure Report highlights key infrastructure gaps and, by implication, the tremendous investment opportunities offered by the key sectors of power, transport and infrastructure. digital communications.
About AFC:
Established in 2007, AFC is the catalyst for targeted infrastructure and industrial investment across Africa. AFC's approach combines sectoral expertise, financial and technical advice, project structuring and development and venture capital to meet Africa's infrastructure development needs and stimulate sustainable economic growth.
Seventeen years later, AFC has a proven track record as the partner of choice in Africa for investing in and delivering high-quality infrastructure assets that deliver essential services in the energy, natural resources, heavy industry, transport and telecommunications. AFC has 43 member countries and has invested USD 13 billion across Africa since its inception.
Cassien Tribunal Aungane, Editor
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