The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group, showcased its key achievements during the 114th regular session of the Economic and Social Council of the Arab League, held at the Senior Officials level, in Cairo Egypt.
Eng. Hani Salem Sonbol, ITFC CEO and Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD), delivered an address, outlining the Corporation’s contributions and forward-looking initiatives aimed at enhancing trade and economic development across the Arab region.
In his address, Eng. Sonbol expressed gratitude to H.E. Mr. Ahmed Aboul Gheit, Secretary-General of the League of Arab States, for the opportunity to participate in the session.
He reaffirmed ITFC’s dedication to advancing intra-regional trade as a key lever of sustainable development, stressing that foreign trade is integral to boosting the economic prosperity of Arab nations.
Since its inception in 2008, ITFC has provided over US$75 billion in trade financing in favor of its Member Countries. In 2023, approximately 31% of this financing was directed to Arab nations, with 44% going to the least developed member countries, underscoring ITFC’s commitment to supporting economic growth in the region.
Eng. Sonbol highlighted the ongoing success of the Aid for Trade Initiative for Arab States (AFTIAS), a key ITFC-managed program aimed at facilitating trade development in the region. Entering its second phase, AFTIAS 2.0 has approved 21 projects, with a combined budget of US$7.6 million.
These initiatives span across 16 national projects in nine Arab countries and five regional projects spearheaded by Arab organizations. Key focus areas include food security, maritime transport, small and medium-sized enterprise (SME) support, export development, and women’s economic empowerment.
Looking ahead, the AFTIAS 2.0 program is set to approve further projects by the end of 2024, with the goal of fostering greater regional cooperation and integration.
Eng. Sonbol urged Arab nations not yet participating in AFTIAS 2.0 to engage with the initiative and leverage its technical, institutional, and financial support.
He also called for increased contributions from regional and international partners to amplify the program’s impact on trade and development across the Arab region.
Eng. Sonbol closed his remarks by extending his thanks to the program’s key donors, including Saudi Arabia, Egypt, Algeria, Mauritania, the Arab Organization for Agricultural Development, the Islamic Development Bank, ITFC, and the Trade Development Fund.
