ITFC discusses development projects in Arab countries

The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank Group (IDB), hosted the 5th board meeting of the Aid for Trade Initiative for the Arab States (AfTIAS) at its Jeddah headquarters on Oct. 26.
IDB President Bandar bin Mohammed Hamza Hajjar opened the meeting. The AfTIAS’ board of directors, which is headed by ITFC CEO Hani Salem Sonbol consists of donors and representatives from regional and international organizations for the execution of the program. 
Hajjar initiated his speech by indicating that the Arab region is abundant with natural and human resources, extensive markets and distinctive geographic locations; yet the region still suffers from international and regional economic challenges. These challenges necessitate the Arab countries to utilize all available opportunities to alleviate these challenges and increase the intra-OIC trade.
He emphasized that the AFTIAS represents an effective mechanism for alleviating the impact of such challenges. He added that the IDB strives to implement more projects under the AfTIAS, focusing on more cooperation with the private sector in order to increase the volume of intraregional trade between the Arab countries.
This can be done by intensifying the communication between businesspersons, organizing exhibitions to publicize export potentials, benefiting from the various programs and mechanisms of trade financing and export credits, especially those provided by the IDB’s institutions. 
Sonbol has emphasized that the initiative represents a good opportunity for executing the development projects that meet the developmental needs of the Arab countries.
He expressed his sincere thanks and gratitude to IDB’s Former President Ahmed Muhammad Ali for his support and personal dedication to the AfTIAS and facilitating the development of trade in the Arab region.
He also commended the efforts of Waleed Abdul Mohsen Al-Wohaib, former CEO of ITFC, who initiated the program and expressed great support for the initiative and its various activities.

Source: Arab News