On the sidelines of the fifth meeting of the Board of Directors of the Aid for Trade (AFTIAS 0.2) Programme, the League of Arab States signed a new partnership agreement with the International Islamic Trade Finance Corporation (ITFC) to implement a project entitled "Enhancing the Competitiveness of Arab Countries to Improve Access to Global Markets."
The project aims to strengthen economic development and trade within the Arab world. The agreement forms part of both parties' efforts to support Arab economies, particularly in light of current global and regional economic challenges.
Ambassador Dr. Ali bin Ibrahim Al-Maliki, Assistant Secretary-General and head of the Economic Affairs Sector at the League of Arab States, stated, "This agreement represents an important step towards achieving Arab economic integration and will contribute to enhancing the trade capacities of Arab countries, especially under the current international circumstances. We are committed to strengthening partnerships with international institutions such as the ITFC to ensure sustainable growth."
For his part, the CEO of the ITFC, Eng. Adeeb Al-Aama, said, "We are pleased to expand our cooperation with the League of Arab States to support trade and development in the region. This new project will open new horizons for investment and bring tangible benefits to Arab economies."
The project, signed at the headquarters of the ITFC in Jeddah, covers several areas, including trade infrastructure development, support for the least developed Arab countries, and the integration of key themes such as e-commerce, the green economy, and entrepreneurship. The agreement is expected to help increase the volume of intra-Arab trade, which has recently reached record levels, by providing millions of dollars in financing for specific projects in the energy, agriculture, and industry sectors.
