Arab League: Cooperation with the Islamic Trade Finance Corporation enhances sustainable economic development
Jeddah, October 28 / WAM / The League of Arab States stressed the importance of cooperation with the International Islamic Trade Finance Corporation (ITFC), affiliated with the Islamic Development Bank Group in Jeddah, to support projects to improve the Arab economic integration system, thus contributing to increasing the volume of intra-regional trade and promoting sustainable economic development in the region.
This came during the participation of Ambassador Dr. Ali bin Ibrahim Al-Maliki, Head of the Economic Affairs Sector of the Arab League, in the fifth meeting of the Board of Directors of the Assistance for Trade Program for Arab Countries (Aftiyas 2.0), which was held at the headquarters of the International Islamic Trade Finance Corporation in Jeddah.
In his opening speech, Al-Maliki stressed that cooperation between the Arab League and the Foundation is a model for Arab and Islamic integration in the fields of development, finance and trade, pointing to the importance of the activities implemented within the project to support the advancement of the Arab economic integration system, which aims to develop the business environment and increase access to markets.
He said that the participation of the League of Arab States in this program reflects its commitment to enhancing Arab economic integration and providing technical and financial support to member states to confront global challenges in the field of trade, stressing the keenness to expand the scope of projects to include more countries and strengthen regional partnerships.
Al-Maliki added that the approval of the new cooperation project entitled “Enhancing the Competitiveness of Arab Countries to Improve Access to Global Markets” is an important step in the path of fruitful cooperation between the General Secretariat and the Islamic Trade Finance Corporation.
The meeting witnessed a discussion of the future plans of the program in its second phase (AfTIAS 2.0), and a review of joint efforts to improve the regional trade environment and increase the economic competitiveness of Arab countries, in addition to supporting small and medium-sized companies, facilitating the accession of Arab countries to the World Trade Organization and qualifying cadres in the fields of export and trade.
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