The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group, and the African Export-Import Bank (Afreximbank), a multilateral financial institution established by African governments and institutional investors, have signed a pledge agreement amounting to US$ 100,000 to assist in financing the implementation of the Arab-Africa Trade Bridges (AATB) Program’s activities during 2018. This agreement will be extended on yearly basis for the coming five years.
The agreement was signed by the Chief Executive Officer (CEO) of ITFC, Eng. Hani Salem Sonbol, and the Executive Vice President, Business Development and Corporate Banking of Afreximbank, Mr. Amr Kamel, in a ceremony held in Tunisia on the sidelines of the 43rd Meeting of the Board of Governors of the Islamic Development Bank (IsDB) Group.
The objective of the agreement is intended to lever new commercial partnerships, strengthen existing ones and increase business development, trade and investment in both regions through partnerships and consultation among trade institutions.
According to Eng. Hani: “This partnership comes as part of the framework of the objectives of the ITFC’s Arab-Africa Trade Bridges (AATB) Programme, which will be carried out and implemented by ITFC for the benefit of the eligible African countries which may be considered for funding by the African Export-Import Bank (Afreximbank).”
On the other hand, Amr Kamel confirmed that that Afreximbank has agreed to contribute, by way of financial pledge to assist in financing the cost of the AATB Programme’s activities during 2018.
He furthered said that Afreximbank saw the partnership agreement as a stepping stone towards greater collaboration in pursuit of the bank’s shared vision with ITFC and the collaboration on the AATB Program will continue for the coming years.
It is worth noting that the “Arab-Africa Trade Bridges” Program is a regional trade promotion program aims at addressing some of the challenges faced in promoting trade between the two regions.