Bank Group President Calls for Fair Trade

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Bank Group President, Donald Kaberuka, has called for a change in international trade rules in order to make them fair to African countries. Speaking during a joint press conference in New York with Tanzanian President and AU Chairperson, Jakaya Kikwete, on the sidelines of the UN General Assembly meeting earlier in the week, Mr. Kaberuka outlined the benefits of fair trade to African economies. Africa accounts for less than 3% of global trade, whereas it accounts for a sizeable proportion of raw materials sold on international markets. "It’s necessary to change global trade rules for Africans to enjoy the benefits of globalization," Mr. Kaberuka said. Meanwhile, Mr. Kaberuka attended a UN high level meeting in New York on Monday held on Africa’s development needs. He used the occasion to underscore the critical role infrastructure plays in the continent’s development. He also recalled the special importance NEPAD and the Bank Group attach to infrastructure development. He highlighted Bank Group achievements in the sector. Mr. Kaberuka was at the head of a Bank Group delegation that traveled to New York to highlight the institution’s commitment to support efforts by its regional member countries to attain the MDGs.

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