The International Islamic Trade Finance Corporation (ITFC) organized the third meeting of the Board of Directors of the Aid for Trade Initiative for Arab Countries (AFTIAS 2.0) on Monday, November 27, 2023, at its headquarters in Jeddah.
The opening session began with a speech by H.E. Eng. Hani Salem Sonbol, CEO of ITFC and Chairman of the AfTIAS 2.0 Program Board of Directors, welcomed the new board members: the League of Arab States, represented by Ambassador Dr. Ali bin Ibrahim Al-Malki, Assistant Secretary-General for Economic Affairs, and the People’s Democratic Republic of Algeria, represented by Mr. Elhadi Bakir, Secretary General, Ministry of Trade and Export Promotion.
He wished them success and prosperity in their new roles.
Eng. Hani Sonbol thanked the donor countries and organizations that responded to the decision of the Fourth Arab Economic Summit, which called for the launch of the AfTIAS 2.0 Program by joining and providing financial support.
The program represents a vital platform for addressing key issues in the Arab region, including challenges arising from various factors, such as the adverse effects of the COVID-19 pandemic and the geopolitical conflicts within and outside the region that have significantly disrupted supply chains, trade, and investment flows. Additionally, the region faces a food security crisis and the ongoing impacts of climate change.
In this context, the importance of supporting the program to enhance intra-Arab trade was emphasized. Since its launch in 2021, the program has approved 21 projects during its first and second years to be implemented by various local, regional, and international agencies.
Following that, H.E. Ambassador Dr. Ali bin Ibrahim Al-Maliki, Assistant Secretary-General and Head of the Economic Affairs Sector at the League of Arab States, delivered a speech on behalf of the League of Arab States. Subsequently, H.E. Mr. Anas Al-Aufi, International Trade Advisor (remotely), delivered a speech on behalf of H.E. Ambassador Saqr bin Abdullah Al-Muqbil, Permanent Representative of the Kingdom of Saudi Arabia to the World Trade Organization in Geneva, speaking on behalf of the Arab Group in Geneva.
At the conclusion of the meeting, the Board members praised the efforts of the ITFC and the AfTIAS 2.0 program’s projects. They called for intensified efforts and the unification of Arab countries’ visions and interests to make them more resilient in the face of international shocks and changes, with the goal of enhancing their trade capabilities.