Money and the economy


IDB launches initiative «Aid for Trade for Arab States»

Islamic Development Bank Group official launch of the initiative «announced assistance for trade of Arab countries» (AfTIAS), during the first meeting of the Council of the initiative management which Islamic International Foundation organized by the Trade Finance, member of the Bank Group, at the headquarters of the bank in Jeddah.
And Dr. Ahmad Mohamed Ali, president of Bank Group at the opening session of the meeting, stressing that the challenges facing the Arab countries imposed on them to exploit all available opportunities at the international level, to increase and raise their gains and minimize losses in all sectors, especially the trade sector, because of its central importance in achieving the goals development of those countries. He added that the Islamic Development Bank Group has given the subject of trade utmost importance for decades, and they look at this initiative with great optimism, especially they are carried out at a time when most Arab countries undergoing the circumstances of a difficult transition, and facing a lot of obstacles and events that are reflected on the economic activity of these countries, stressing the initiative seeks to raise trade and economy and increase employment opportunities in the Arab countries level.
And Dr Waleed Al-Wohaib Chief Executive Officer of the International Islamic Corporation for Trade Finance and chairman of the management of the project addressed the meeting during which he stressed that the International Islamic Trade Finance Corporation will work alongside implementing the initiative of international organizations, and working with them to achieve a higher success rate when implemented, noting that the idea of initiative by the enterprise prepared and design aimed at attracting technical and financial support from donor countries and the able and international financial institutions in order to strengthen the trade capacity of the States concerned.
The initiative includes five agencies of the United Nations (United Nations Development Programme, the International Trade Centre, UNCTAD, UNIDO, the International Labour Organization), four regional and sub-regional Arab organizations (League of Arab States, the Gulf Cooperation Council, and the Technical Unit of Agadir Agreement, the Arab Maghreb Union) In addition to the seven donors (Islamic development Bank, the international Islamic trade finance Corporation, Saudi Arabia, Kuwait, Egypt, Sweden, and the United Nations development Programme), and was thereby establishing a framework of cooperation for the implementation of this multi-disciplinary great project.
It aims to help for-Trade initiative for Arab countries to strengthen the capacity of Arab countries to use trade as an engine for growth, and promote investment, generate employment and increase the activity of trade between Arab countries, in addition to strengthening cooperation between the state and its specialized institutions, as well as between private enterprises in Region.