The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, signs a memorandum of understanding on cooperation in trade development and trade capacity building.
This cooperation is part of the program of the Arab-African Trade Bridges (AATB), officially launched last year in Morocco under the High Patronage of His Majesty King Mohammed VI. The agreement was signed at the first meeting of the AATB governance council in Morocco with the aim of developing a general framework for the development of bilateral and regional cooperation and coordination.
The agreement was signed by Mr. Hani Salem Sonbol, Director General of ITFC and Mrs.Rakiya Eddarhem, Secretary of State to the Minister of Industry, Investment, Trade and Digital Economy in charge of Trade exterior, Kingdom of Morocco.
This agreement aims to facilitate the design, financing and implementation of technical assistance and capacity building programs, the development of international trade and to set up structures that will contribute to strengthening the human and institutional capacities of the Kingdom and African countries.
At the signing ceremony, Eng. Hani Salem Sonbol, CEO of ITFC and Chair of the AATB Governance Council, said that in addition to implementing the AATB program, cooperation between the ITFC and the Kingdom of Morocco would include other projects aimed at to promote the development of trade in member countries. He also stressed the importance of Morocco’s role as leader of several major initiatives that contribute to Africa’s development.
On the occasion of this signing, Mrs. Rakiya Eddarhem, Secretary of State to the Minister of Industry, Investment, Trade and Digital Economy in charge of Foreign Trade, Kingdom of Morocco, declared “the Kingdom Morocco has been supporting the Arab Africa Trade Bridges (AATB) program since its launch in 2017, and we will continue to work together to strengthen economic partnerships between Arab countries and African countries. The signing of this memorandum of understanding today consolidates this partnership and is part of the Kingdom’s strategy to increase trade flows between Morocco and the rest of the African countries. “
The two-day event was attended by representatives from several member countries such as Morocco, Saudi Arabia, Egypt and Tunisia, in addition to the directors of partner institutions such as Arab Bank for Economic Development in Africa (BADEA), The Islamic Development Bank (IsDB), ICIEC, Afreximbbank and Saudi Exports Program.
The AATB program is a three-year regional trade promotion program aimed at improving transregional trade between Arab countries and sub-Saharan Africa. The program was designed by the CFTO and its key partners to foster the creation of new business partnerships strengthen existing relationships and increase trade flows. This is also part of the objectives to activate the OIC Ten-Year Program of Action, whose main goal is to increase the level of intra-OIC trade to 25% by 2025.