The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), member of the Islamic Development Bank (IsDB) Group, signed a partnership agreement with the National Company of Transports and Logistics, SNTL, in the Kingdom of Morocco, under the umbrella of the Aid for Trade Initiative for Arab States (AfTIAS), to launch a Study for the Development of Logistical Platforms for Trade & Investment Facilitation between Morocco and Sub-Saharan Africa.
The signing took place during the Opening Session of the OIC Trade Promotion Organizations (TPOs) Meeting, in Casablanca, Kingdom of Morocco on 11 October, 2017 between Eng. Hani Salem Sonbol, CEO, ITFC and Mr. Fouad Ktib, Deputy Director General of SNTL.
The opening session was inaugurated by Dr. Zahra, Maarefi, the Director General of Maroc-Export and key note speeches delivered by Eng. Hani Salem Sonbol, CEO, ITFC, and Dr. El Hassane Hzaine, the Director General of the Islamic Centre for Development of Trade (ICDT) and Mrs. Anne Chappaz, Chief, Trade and Investment Support Institutions, ITC.
On this occasion, Eng. Hani Salem Sonbol, CEO, ITFC emphasized: “We aim at reducing the gap of physical infrastructure constraining Trade & Investment flows between Morocco and Sub-Saharan Africa. This signing is under the umbrella of the AfTIAS, but is also at the core mandate of the Arab Africa Trade Bridges (AATB) Program, which is created for bridging the trade gaps between the Arab and African countries”.
ITFC has identified the importance of developing trade hubs in Africa, therefore its involvement in this project will improve trade solutions in Morocco and some SSA countries by reducing logistical costs, and encouraging trade exchanges amongst them.
Both ITFC, and SNTL agree that trade and investment are among the key pillars of a new collaboration between Morocco and Sub-Saharan Governments.
In adherence to that, this plan will open doors, and create possibilities for investment in infrastructure, develop capacity building skills, and help create private businesses that offers many services to the public, such as, logistics services (transport, storage, cold storage, distribution, and stabilizing the value of agriculture goods). During the last decade 2004-2014, trade exchanges between Morocco and Sub-Saharan African Countries have been rising steadily.
“I am very positive of this agreement & partnership with SNTL, and expecting many encouraging outcomes of it, which will ease the trade routes between them, and flourish their economies” added Eng. Sonbol.
Distributed by APO on behalf of International Islamic Trade Finance Corporation (ITFC).
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About the International Islamic Trade and Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (www.ITFC-IDB.org) is an autonomous entity within the Islamic Development Bank (IsDB) Group. ITFC commenced operations in January 2008 with the purpose of consolidating all the trade finance businesses that used to be handled by various windows within the IsDB Group. The consolidation of IsDB Group’s trade finance activities under a single umbrella enhanced the Corporation’s efficiency in service delivery by enabling rapid responses to customer needs in a market-driven business environment.
As a leader in Shari’ah-compliant trade finance, ITFC deploys its expertise and funds to businesses and governments in its Member Countries. With the vision of being the leading the provider of trade solutions for OIC Member Countries’ needs, the Corporation helps entities in Member Countries gain better access to trade finance and provides them with trade development programmes in order to help them compete successfully in the global market. Operating to world-class standards, ITFC promotes IsDB developmental objectives through its two main pillars, Trade Finance and Trade Development, to fulfil its brand promise of ‘Advancing Trade & Improving Lives’.
Source:: The International Islamic Trade Finance Corporation (ITFC), and the National Company of Transports and Logistics, SNTL, Morocco, Launch a Study to Bridge the Gap between Morocco and Africa