In a bit to foster trade between Arab and African countries, over 1000 stakeholders in the financial sector gathered to deliberate on the countries’ economies’ critical sectors.
According to a statement by the International Islamic Trade Finance Corporation on Thursday, the stakeholders were brought together in a webinar, ‘Arab-Africa Trade Bridges Programme Investment Pillar,’ aimed at growing regional trade investment and technology transfer.
Participants included representatives from development institutions, sovereign funds, banks, investment and private equity companies, and key government and corporate sector representatives.
“The event showcased potential business opportunities existing between the two regions, particularly in key industries such as agro-food, health and pharmaceutical, building and construction materials and equipment, as well as machinery and electrical equipment.
“Also, it was focused on projects and activities involving the growth of trade-related investment and knowledge and technology transfer between the Arab and African countries,” ITFC stated.
It noted that the session also addressed key challenges limiting the business community of the two countries.
Chief Executive Officer of the Islamic Corporation for the Insurance of Investment and Export Credit, Oussama Kaissi, remarked, “Despite the tragedy presented by the pandemic, these unprecedented times have brought development institutions together to seek solutions and encourage innovation, teaching us that the best way forward is together.
“ICIEC believes that through the AATB programme, our multilateral efforts can enhance pandemic responses, capacity-building efforts, and economic security, providing the citizens of Arab and African countries the knowledge and materials to build a better future.”
The Chief Executive Officer of ITFC, Hani Sonbol, stated, “Since its launch in 2017, AATB has become the foremost platform in driving trade between the Arab and African regions, with important initiatives that strengthen growth and prosperity in beneficiary countries.”
Similarly, the Chief Executive Officer of the Islamic Corporation for the Development of the Private Sector, Ayman Sejiny, noted that the ICD would lead the programme to mobilise and allocate resources to impactful investments in Arab and African countries recovery packages to overcome the adverse impacts of COVID-19.
AATB is a multi-donor, country, and organisation programme designed to leverage new trade partnerships, strengthen existing ones, and increase trade and investment flows between the Arab and African regions.
