RIYADH: Enhanced cooperation between Arab and African countries is set to flourish after officials met for the fourth meeting of the Board of Governors of the Arab-African Trade Bridges Program and the Tunisian-African Business meetings in Tunis.
Hani Sonbol, CEO of the International Islamic Trade Finance Corp., a member of the Islamic Development Bank Group, highlighted the importance of the event, the Saudi Press Agency reported.
During the meeting, held on July 1-2, Sonbol emphasized that the gathering marks a significant milestone by strengthening relationships, unlocking economic potential, and paving the way for increased trade, investment, and mutual prosperity.
He noted that the Arab-African Trade Bridges Program aims to enhance economic integration, trade, and investment between regions.
The program, an initiative of the Islamic Development Bank Group, is designed to develop trade deals between countries in the two regions.
It aims to strengthen existing partnerships and elevate the level of business exchange through cooperation between trade and investment support institutions.
Sonbol highlighted that the program seeks to foster economic integration and encourage mutual investment opportunities, which are crucial for the sustained growth and development of both regions.
This initiative is expected to unlock significant economic potential and contribute to the prosperity of the participating countries.
The meeting in Tunis served as a platform for officials and business leaders from both areas to discuss strategies and explore avenues for collaboration.
The discussions focused on identifying key sectors for investment, addressing trade barriers, and leveraging the strengths of each region to boost economic growth.
The ITFC’s participation underscores its commitment to facilitating commerce and investment between the Arab and African regions.
The organization plays a pivotal role in supporting trade finance and fostering economic cooperation, essential for developing robust and sustainable trade partnerships.
The ITFC dedicated $3.8 billion in 2023 to bolster member countries’ energy sectors.
In its 2023 annual report, the ITFC disclosed that 55 percent of the allocated amount went to the power sector, constituting a significant portion of the total funding approved for various projects throughout the year.
As the Arab-African Trade Bridges Program continues to gain momentum, it is expected to significantly enhance trade relations and create new business opportunities in both regions.
The program’s efforts to promote economic integration and investment are aligned with the broader goals of the IsBD Group, which seeks to drive economic growth and development across its member countries.
Source: Arab News
