Take Proactive Measures to Support Trade Diversification and Infrastructure Development

The Honorary President of the Global Network of Export-Import Banks and Development Finance Institutions (G-NEXID), Dr George Agyekum Donkor, has urged DFIs and Exim banks to take proactive measures to support trade diversification and infrastructure development.

According to Dr Donkor, strategic investments in key sectors can build resilient economies capable of withstanding global shocks. He, therefore called for more partnerships between developing countries to enhance regional value chains in order to create a more balanced global economy.

Quoting the Nobel Peace Prize winner, Nelson Mandela, who said "If you want to go fast, go alone. If you want to go far, go together", the Honorary President challenged the network on the importance of collaborative efforts in achieving sustainable development.

Dr Donkor made this call during the opening ceremony of the 19^th Annual General Assembly of G-NEXID which took place in Geneva, Switzerland from 30^th to 31^st July 2024.

Speaking on the theme "Building Bridges, Breaking Barriers - Fostering South-South Cooperation for Equitable Growth", the Honorary President noted with concern that intra-regional trade within the Global South, which accounts for only 16% of total trade, remains insufficient to meet the growing demands of population groups. In this respect, he highlighted the urgent need for stronger integration and cooperation.

The 19^th Annual General Assembly of G-NEXID reviewed the activities for the past year and chart a new course for the ensuing year.

The opening session of the meeting was attended by high profile personalities including members of the permanent diplomatic corps, some experts from South Centre and World Trade Organisation (WTO) and key members of G-NEXID such as the ECOWAS Bank for Investment and Development (EBID), Nigerian Exim-Import Bank (NEXIM), Afreximbank, Saudi Exim Bank, Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), Ghana Exim-Import Bank, Indonesia Exim Bank, Development Bank Ghana (DBG), the Development Bank of Central African States and the Industrial Development Corporation of Zimbabwe Limited (IDCZ).