World Bank’s Sweden-funded program to unlock trade through economic growth in MENA region

The World Bank has launched a new Sweden-funded Trade Facilitation Support Program (TFSP) in Middle East and North Africa (MENA) that aims to streamline trade processes, reduce costs, and enhance connectivity, thereby boosting regional and international trade.

By aligning with international standards and focusing on inclusive growth, the TFSP is designed to boost economic development, reduce poverty, and create opportunities across the MENA region. Its key features include simplified border processes, transparency and predictability, economic recovery and development, inclusive growth and strengthening collaboration among MENA countries. The program will initially focus on Egypt, Jordan, Yemen, Morocco, Tunisia, Algeria, Iraq and Lebanon, providing tailored support based on each country’s needs and readiness.

By reducing barriers and enhancing cross-border trade, the World Bank’s TFSP aims to foster economic growth and create better job opportunities in the region. The program’s emphasis on enhanced trade efficiency can significantly reduce poverty by providing more economic opportunities and lowering the cost of goods. The TFSP also includes initiatives to address the specific challenges faced by women traders and small and medium enterprises (SMEs), promoting inclusive economic participation. The program’s focus on streamlining trade processes will help the MENA region better respond to global crises and ensure the swift delivery of essential goods.