Norway pledges $5 million to International Trade Centre
NORAD and ITC sign a new grant agreement to support micro, small and medium-sized enterprises in developing countries
Norway’s development agency pledged 45 million Norwegian krone ($5 million) to the International Trade Centre (ITC) with an agreement signed on 3 December 2020.
The new grant agreement allows ITC and the Norwegian Agency for Development Cooperation (NORAD) to continue their long-standing collaboration across inclusive and sustainable trade, women’s economic empowerment and poverty reduction.
The grant comes fully ‘un-earmarked,’ which gives ITC the flexibility needed to adapt to a rapidly changing environment – not least in light of the COVID19 pandemic.
ITC and NORAD are fully aligned in their shared values and strategic priorities. The agencies have synergies across private sector development, inclusiveness, sustainability and boosting women’s economic participation.
The agreement will also support pandemic recovery efforts across developing countries, focusing on micro, small and medium-sized enterprises (MSMEs).
The grant underlines Norway‘s commitment to trade as an essential driver of boosting prosperity.
The new funding will help build the capacities of MSMEs and support efforts to make local economies more resilient.