Riyadh Hosts Meeting to Strengthen Arab-African Cooperation
In a bid to bolster economic ties between Arab and African countries, officials convened for the fourth meeting of the Board of Governors of the Arab-African Trade Bridges Program and the Tunisian-African Business meetings in Tunis. The event was deemed crucial by Hani Sonbol, CEO of the International Islamic Trade Finance Corp., a member of the Islamic Development Bank Group, as reported by the Saudi Press Agency.
During the July 1-2 meeting, Sonbol emphasized the milestone achieved in enhancing relationships, unlocking economic potential, and paving the way for increased trade, investment, and mutual prosperity. The Arab-African Trade Bridges Program, initiated by the Islamic Development Bank Group, aims to promote economic integration, trade, and investment between the regions by facilitating trade deals and strengthening partnerships.
The program focuses on elevating business exchange through collaboration between trade and investment support institutions, fostering economic integration, and encouraging mutual investment opportunities to drive sustained growth and development in both regions. It is anticipated that this initiative will unlock significant economic potential and contribute to the prosperity of the participating countries.
Strategies and Collaboration at the Forefront
The meeting in Tunis served as a platform for officials and business leaders to strategize and explore collaboration opportunities. Discussions centered around identifying key investment sectors, addressing trade barriers, and leveraging the strengths of each region to boost economic growth. The ITFC’s participation underscored its commitment to facilitating commerce and investment between Arab and African regions, supporting trade finance, and fostering economic cooperation.
In 2023, the ITFC allocated $3.8 billion to bolster member countries’ energy sectors, with a significant portion going towards the power sector. As the Arab-African Trade Bridges Program gains momentum, it is poised to enhance trade relations and create new business opportunities in both regions, aligning with the broader goals of the Islamic Development Bank Group to drive economic growth and development across member countries.