Morocco and the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IsDB), have agreed to enhance cooperation within the framework of Arab-Africa Trade Bridges (AATB) Program.
This regional trade promotion program aims at addressing some of the challenges faced in promoting trade between Africa and the Arab world.
The Morocco-ITFC cooperation agreement was sealed last week during the First Meeting of the AATB Governing Board convened in Rabat to review ways of developing a general framework for the development of bilateral and regional cooperation and coordination.
The agreement, signed by Hani Salem Sonbol, CEO ITFC and Rakiya Eddarhem, Secretary of State to Foreign Trade, aims to facilitate financing and implementation of technical assistance and capacity-building programs and the development of international trade.
Morocco has been supporting the Arab Africa Trade Bridges (AATB) program since its launch in 2017, and pledges to continue to work for strengthening of economic partnerships between Arab and African countries.
The AATB Program is a three-year regional trade promotion program aimed at improving regional trade between Arab countries and Sub-Saharan Africa.
The Program has been launched by the ITFC and key partners to leverage new commercial partnerships, strengthen existing ones and increase trade flows.
It is also part of the 10-year action program of the OIC, which seeks to increase the level of intra-OIC trade to 25 pc by 2025.
ITFC deploys its expertise and funds to businesses and governments in its member countries. Its primary focus is to encourage intra-trade among OIC member countries. ITFC works as a facilitator to mobilize private and public resources towards achieving its objectives of fostering economic development through trade.
The Corporation helps businesses in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools in order to help them compete successfully in the global market.