Abuja - The Economic Community of West African States (ECOWAS) and the United States Agency for International Development (USAID) will strengthen their existing strategic objective agreement with the addition of two components valued at $23, 6 million.
The extension aims to promote regional stability and improve the region’s trade competitiveness.
According to a statement obtained by this publication from the regional body headquarters in Abuja, the revised agreement will be signed on Thursday.
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President of the Commission, Kadre Desire Ouedraogo, and the West Africa Mission Director of USAID, Alex Depres, will sign the pact.
The statement added that more than $7 million will go towards supporting efforts at promoting regional stability and the remaining will strengthen the eight year old USAID programme to improve the region’s trade competitiveness under the eight-year-old USAID trade hub project.
The US Ambassador to Nigeria, James Entwistle, will attend the ceremony that will be followed by the launching of the Trade Hub and African Partners Network, a new USAID vehicle for regional cooperation.
The Trade Hub project will also be launched to assist West African farmers and firms in improving their competitiveness, attract investment and increase trade in regional and global markets. The three-year $31 million project is funded by USAID and builds on the successes of past trade and agribusiness interventions.
According to the statement, the Trade Hub was designed to strengthen the value chains and market information systems, increase access to finance and investment by firms in the sector and improve the enabling environment for trade and transport.
- CAJ News