Trade development demands private money
WTO director general Ngozi Okonjo-Iweala stated that developing countries will need private financing as international aid decreases. Speaking at the Aid for Trade review, she said the international community must rethink how it helps these countries trade. While public money is still used, she argued that it cannot handle everything. She suggested using public funds to attract and catalyze other types of finance.
As international aid decreases, countries will need private financing to help meet their development goals. Speaking at the World Trade Organisation (WTO) Aid for Trade review last week, WTO director general Ngozi Okonjo-Iweala said the international community needs to reconsider the types of financing used to help developing countries trade with the rest of the world. “Aid for trade is not over, but we need to think about how we pivot. [It was previously] mentioned that we need to use public money better. Public money cannot do everything, so how do we use it to catalyse other types of finance?”