ITFC CEO visits OPEC Fund for International Development

Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, visited the OPEC Fund for International Development (OFID) headquarters in Vienna, Austria where he met with Suleiman J. Al-Herbish, OFID director-general.
The visit included a meeting between both institution heads, as well as technical meetings to discuss trade development and promotion, and trade finance. A letter of agreement was signed by both Sonbol and Al-Herbish confirming a grant approved by OFID to ITFC. This grant aims to support the implementation of the first-year action plan for the Arab-Africa Trade Bridges (AATB) Program. The proceeds of the grant shall mainly be used to finance trade capacity building activities, inter-alia, workshops and training courses for small and medium-sized enterprises.
In keeping with OFID’s mandate, the grant shall directly benefit nationals of non-OPEC member countries, with the priority being placed on nationals of Sub-Saharan countries.
Sonbol said: “OFID’s support to the Arab-Africa Trade Bridges Program reflects the strong belief in the importance of the program in supporting trade and economic prospects in the Arab and Africa regions, so that together we can help expand the trade capacities of the two regions. It is our mutual mandate to contribute to the enhancement of our member countries’ socio-economic livelihoods and achieve poverty reduction.”
Al-Herbish said: “I am confident that this grant, which represents a new chapter in OFID’s partnership with the ITFC, will contribute to strengthening cooperation between our two institutions and all members of the Trade Finance and Guarantee Coordination Group. OFID appreciates ITFC’s leading role in the design of the Arab-Africa Trade Bridges Program and its tireless efforts to provide innovative trade finance solutions to its member countries, which include a large number of OFID partner countries.”
The AATB Program was launched in Morocco on Feb. 22 and 23 by ITFC in partnership with the Ministry of Industry, Trade, Investment and Digital Economy. The program aims at enhancing trade relations, developing the business sector and promoting economic cooperation between the two regions.

Source: Arab News