U.S. “Aid for Trade” grants to reach $2.7 billion annually by 2010

U.S. “Aid for Trade” grants to reach $2.7 billion annually by 2010

U.S. “Aid for Trade” grants to reach $2.7 billion annually by 2010

   The Bush administration plans to double its contribution to the global “Aid for Trade” program from $1.3 billion in 2005 to $2.7 billion in grants by 2010.

   “As partners with developing countries, and particularly the least developed, we share the goal of reducing poverty and building their capacity for trade,” said U.S. Trade Representative Rob Portman in his opening speech before the World Trade Organization Ministerial in Hong Kong Wednesday.

   In addition to this assistance, the United States will work to ensure multilateral donors, when requested, offer trade capacity building help, Portman said.

   The United States prefers the trade capacity building through grants, rather than loans and allocates funds based largely on local needs as determined by the recipient country.