The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), on behalf of the Aid for Trade Initiative for Arab States (AfTIAS 2.0) Program, signed a partnership agreement with the Arab Republic of Egypt to support Egyptian women in international trade in the agro-food industries and handicrafts sectors. A partnership agreement was also signed with the State of Palestine with the aim of promoting the traditional Palestinian craft industries. The total budget for these approved projects is about US$725,000.
The agreements were signed during the opening session of the fourth meeting of the Technical Coordination Committee (TCC) of the AfTIAS 2.0 Program, which was chaired by Eng. Hani Salem Sonbol, CEO of ITFC, Chairman of the Board of Directors of the AfTIAS 2.0 Program, and Chairman of the TCC. The Meeting witnessed the presence of committee members, representatives of regional and international organizations, and a number of focal points for the Program.
The meeting forged ahead with a plan to address the various issues related to the implementation of the second phase of the Program. The committee members reviewed the projects presented for approval. Eng. Sonbol clarified that the total funds allocated by the Program since its launch in October 2021 amounted to approximately US$4.7 million (grants) for 17 approved projects.
The meeting witnessed the signing of an agreement between ITFC and the International Trade Center (ITC), the implementing agency for the second phase of the Women in International Trade project, She Trades Egypt, at a value of US$500,000, which will focus on supporting the export skills of 100 enterprises owned by Egyptian businesswomen in the two sectors: Handicrafts and agricultural food, and linking them to foreign markets.
An agreement was also signed with the Federation of Palestinian Chambers of Commerce, Industry, and Agriculture to implement a project to promote trade in the “traditional” handicraft sector in the State of Palestine, at a value of US$225,000. The project aims to preserve and rehabilitate traditional industries, restore their production capacity by up to 40%, and increase sales by up to 30%, in addition to supporting competitiveness in the domestic market and exporting to foreign markets. Noting that this sector occupies about 700 facilities for handicrafts, divided into about 17 handicrafts, such as pottery, ceramics, hand embroidery, glass, handmade carpets, and shells.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
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About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socioeconomic conditions of people across the world. Commencing operations in January 2008, ITFC has provided US$68 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.
About The Aid for Trade Initiative for the Arab States (AfTIAS):
It is a multi-donor, multi-country, and multi-agency program, aiming to foster Arab trade by enhancing enterprise competitiveness and facilitating trade. ITFC, on behalf of the Islamic Development Bank (IsDB) Group, has been following the Aid for Trade Initiative since its very beginning alongside other regional and international development organizations. Since 2012, ITFC has provided its full support in launching and managing the Aid for Trade Initiative Program for the Arab Region – the Aid for Trade Initiative for the Arab States (AfTIAS).
The Aid for Trade Initiative, a Global Initiative, was launched by the World Trade Organization (WTO) during the 6th WTO Hong Kong Ministerial Meeting in 2005. The Initiative aims at strengthening the capacity of developing countries to participate in and benefit from international trade.