ITFC, AWB sign deal to boost regional trade

ITFC, AWB sign deal to boost regional trade

Eng. Hani Salem Sonbol (left) and Mohamed El Kettani shake hands after the signing of accord
Eng. Hani Salem Sonbol (left) and Mohamed El Kettani shake hands after the signing of accord

CASABLANCA – The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IDB) Group, and Attijariwafa Bank Group (AWB), signed a cooperation framework to support trade development between Arab and African countries. The signing took place at the occasion of of the 5th International African Development Forum in Casablanca, Kingdom of Morocco, between Eng. Hani Salem Sonbol, CEO ITFC and Mohamed El Kettani, Chairman and CEO of AWB Group.

As part of this new cooperation framework, ITFC is set to provide Shariah-compliant financing to the subsidiaries of Attijariwafa Bank. In addition ITFC, AWB, and AWB subsidiaries are set to co-finance companies looking to import goods from Arab countries.

Sonbol said “this signing is part of the Arab Africa Trade Bridges (AATB) Program, where we aim to cooperate together and provide financial products that serve the needs of our member countries and as a first phase focus the initiatives in three Sub-Sahara Countries: Cameroon, Cote D’Ivoire and Senegal. We are working to implement new trade finance solutions with the purpose to gradually expand the implementation of the solutions developed to other Markets in the Africa sub region.”

El Kettani said: “ITFC and AWB are bound to foster a resilient and long-lasting relationship in Africa and the Arab World. We share the same vision as far as levers of economic growth are concerned. That goes relevantly through trade and investment flows. The agreement we signed today is a strong milestone in our joint cooperation targeting African and Arab trade flows.”

Additionally, AWB participated in the launching forum of the Arab Africa Trade Bridges Program (AATB) held in Rabat in February 2017, where the importance of the development of specific trade finance solutions to support exporters from Arab and African regions to increase the intra-trade flows, among others, were addressed.

ITFC is a sponsor of the 5th International Africa Development Forum under the theme: “New Inclusive Growth Models in Africa”. — SG