Business & Money | Saturday 29 October, 2016 6:30 am |

THE International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank Group, hosted the 5th Board Meeting of the Aid for Trade Initiative for the Arab States (AfTIAS) on Oct. 26 at its headquarters in Jeddah. The meeting was inaugurated by Dr. Bandar Hajjar, president of the Islamic Development Bank (IDB) Group. The Initiative’s Board of Directors, which is headed by Hani Salem Sonbol, CEO of ITFC, consists of donors and representatives from regional and international organizations for the execution of the program.

Dr. Bandar Hajjar in his speech indicated 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. In this respect, Dr. Bandar has emphasized that the Aid for Trade Initiative for the Arab States (AFTIAS) represents an effective mechanism for alleviating the impact of such challenges.

He also added that the Islamic Development Bank 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 through intensifying 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 Islamic Development Bank Group’s institutions.

Dr. Bandar expressed his gratitude to all donors for their support and cooperation to this Initiative specially the Kingdom of Saudi Arabia, Kuwait, Egypt, the Kingdom of Sweden and the United Nations Development Program as well as the Islamic Development Bank, The International Islamic Trade Finance Corporation (ITFC) and the Egyptian Industrial Training Council. Dr. Bandar also expressed his sincere thanks to all of the regional and international organizations that execute the initiative’s projects.

On his part, Sonbol has emphasized that the initiative represents a good opportunity for executing the development projects that meet the developmental needs of the Arab countries. “The Arab countries are in utmost need for mobilizing their resources, accelerating their trade reforms and strengthening their competitiveness in the regional and international markets.

He expressed his sincere thanks and gratitude to Dr. Ahmed Mohammed Ali, the former president of the IDB Group, for his support, and personal dedication to the AfTIAS, as well as his aspirations to its success in contributing to the development of trade in the Arab region. He also commended the efforts exerted by Dr. Waleed Abdul Mohsen Al Wohaib, the former CEO of ITFC who had initiated the program and expressed great support for the initiative and its various activities.