AATB program seeks to promote trade in Arab, African states: Min.

CAIRO - 15 March 2022: The Arab-Africa Trade Bridges (AATB) Program aims to encourage trade and investments between Arab and African countries, according to the Minister of Planning Hala El-Said.

 

El-Said added in press remarks after launching the AATB Council of Governance, that the program also seeks to develop the business sector, create a new generation of exporters and upgrade exported products through forming new partnerships between Arab and African countries.

 

She noted that the meeting is an opportunity to exchange ideas and visions on how to enhance government efforts to develop trade between African and Arab countries.

 

The financing cooperation portfolio between Egypt and the International Islamic Trade Finance Corporation recorded $13.8 billion so far in March, the minister pointed out.

 

 

For her part, Minister of Trade and Industry Nevin Gamea stressed the importance of the Arab-African Trade Bridges Program in promoting the movement of trade exchange and joint investments at the regional and global levels between Egypt and the Arab countries and the countries of the African continent, noting the important role of the program in supporting women’s projects in trade, supporting exporters and confronting the negative effects of the repercussions of the Corona virus on the Arab and African economies.

 

Gamea added that the program played a prominent role in facing the negative effects of the Coronavirus pandemic through an emergency plan to support member states, especially African countries, to overcome the negative effects of the pandemic, especially in the health and food sectors, noting that the program was launched in partnership with the Arab Bank for Economic Development in Africa. Badia, the African Export-Import Bank, and the African Organization for Standardization.

 

 

For his part, Eng. Hani Sonbol, CEO of the International Islamic Trade Finance Corporation and Secretary General of the Arab-African Trade Bridges Program, said that the Bridges Program was designed and launched in 2017 by the International Islamic Trade Finance Corporation and its partners from international and regional financial and development institutions, with the aim of increasing cooperation He explained that this partnership between governments and multilateral development institutions enhances and facilitates trade and investment, and focuses on maximizing sectors and industries’ benefit from the opportunities available between the two regions, with the accession of 11 African and Arab countries to the membership of the Arab-African Trade Bridges Program. Including observer members, and seven multilateral development institutions.

 

Sonbol indicated that several other countries have shown great interest in the Arab-African Trade Bridges Program, given the importance of this initiative in building trade bridges in the two Arab and African regions, which guarantees both regions progress and prosperity, as the program has proven its importance through its projects that helped mitigate the negative effects of the Corona pandemic in the short, medium and long term, and helping to prepare Africa for any future pandemic in terms of health and food security.

 

He explained that recent research conducted by the International Islamic Trade Finance Corporation has shown that the African Continental Free Trade Agreement will contribute to the establishment of regional value chains, and constitute an opportunity for governments to participate in enhancing skills and investing in productive capabilities.

 

The International Islamic Trade Finance Corporation will also play its role, as the General Secretariat of the Program, in stimulating and supporting the interventions of other members aimed at enhancing Arab-African economic cooperation , according to Sonbol.