![UNIDO and WTO to raise US $ 12 billion for Africa’s cotton-producing nations](https://apparelresources.com/wp-content/uploads/2024/07/UNIDO-and-WTO-to-raise-US-12-billion-for-Africa’s-cotton-producing-nations-.jpg)
The United Nations Industrial Development Organisation (UNIDO) and the World Trade Organisation (WTO) have joined forces to chart a strategy meant at raising US $ 12 billion for sustainable cotton production in Africa. This plan follows the WTO’s 9th Global analysis of Aid for Trade, which concentrates on the topic Cotton-to-Clothing: Charting Pathways to Create Sustainable Jobs for Women and Youth in West and Central Africa under the Partenariat pour le Coton initiative’s current efforts to attract resources for the textile and cotton industries in West Africa’s developing nations, specially the Cotton Four countries (Benin, Chad, Burkina Faso, Mali – known as “C4”) and Côte d’Ivoire.
A major milestone in this effort was the signing of a Joint Declaration, intended at mobilising investment financing. This joint effort encompasses UNIDO, WTO, ITC, Afreximbank, and financial institutions such as the Africa Finance Corporation (AFC) and the International Islamic Trade Finance Corporation (ITFC), marking a vital step towards meeting the investment requirements delineated in the amended Cotton Roadmap Initiative.
UNIDO Director General Gerd Müller emphasised, “Our combined aim is to encourage fair and sustainable local cotton processing to promote decent jobs and economic development in the region. UNIDO is devoted to leveraging our knowledge to improve local value addition in the cotton sector and support the growth of a comprehensive and sustainable textile industry.”
WTO Director-General Ngozi Okonjo-Iweala further added, “West Africa is on the edge of a historic chance in the cotton and textile sector. We are working closely with UNIDO, ITC, and other partners to help the Cotton Four countries in expanding their cotton value chains.”
The proposal convened a panel including representatives from the private sector, development finance institutions, and development partners. Moderated by WTO Deputy Director-General Paugam, the panel showcased interventions from major stakeholders encompassing UNIDO Director General Gerd Müller, Benin’s Minister of Trade and Industry Alimatou Shadiya Assouman, ITC Executive Director Pamela Coke-Hamilton, President of AFC Samaila Zubairu, CEO of the ITFC Hani Sonbol, and a presentation by CEO Navdeep Sodhi of Gherzi Textil Org Switzerland on the Baseline Study of Cotton-to-Textile/Apparel Value Chain Development in the C4 and Côte d’Ivoire.
The participation of financial institutions is deemed vital to improving access to energy, infrastructure projects, skills development, trade facilitation, and unlocking investment opportunities vital for promoting the cotton-to-textile/apparel value chain in West and Central Africa.
The statement ended by confirming that the signing of the Joint Declaration marks a crucial step towards mobilising essential investment financing.