Cooperation for the development of trade in Africa was at the heart of the discussions during a recent meeting between Lilia Hachem Naas, director of the Economic Commission for Africa (ECA) in North Africa, and Hani Sonbol, CEO of the International Islamic Trade Finance Corporation (ITFC).
Several themes were considered for the establishment of joint cooperation programs, in particular the development of trade and the African Free Trade Area (AFLT), improvement of logistical infrastructures and regional integration, reinforcement of investment and improvement of access to financing for structuring projects, development of the private sector as well as the creation of jobs benefiting young people. New consultations are planned in the near future.
Established in 1958 by the Economic and Social Council of the United Nations (ECOSOC), the Economic Commission for Africa is one of the five regional commissions of the United Nations. ECA’s mandate is to support the economic and social development of its member states, promote regional integration and international cooperation for Africa’s development. Its North Africa office’s mission is to support the development of seven countries (Algeria, Egypt, Libya, Morocco, Mauritania, Tunisia and Sudan) by helping them formulate and implement policies and programs that can contribute to their economic and social transformation.
The ITFC is an entity of the Islamic Development Bank Group (IDB). Set up to support the development of trade, particularly among OIC member countries, it aims to contribute to the improvement of the socio-economic conditions of the populations through the world.
Operational since January 2008, the ITFC has provided more than $40 billion in trade finance, making it the leading provider of business solutions for the ICO countries. Moody’s A1 rating of the ITFC reflects the effectiveness of its services characterized by responsiveness to customer needs and a market-oriented business environment.
Several themes were considered for the establishment of joint cooperation programs, in particular the development of trade and the African Free Trade Area (AFLT), improvement of logistical infrastructures and regional integration, reinforcement of investment and improvement of access to financing for structuring projects, development of the private sector as well as the creation of jobs benefiting young people. New consultations are planned in the near future.
Established in 1958 by the Economic and Social Council of the United Nations (ECOSOC), the Economic Commission for Africa is one of the five regional commissions of the United Nations. ECA’s mandate is to support the economic and social development of its member states, promote regional integration and international cooperation for Africa’s development. Its North Africa office’s mission is to support the development of seven countries (Algeria, Egypt, Libya, Morocco, Mauritania, Tunisia and Sudan) by helping them formulate and implement policies and programs that can contribute to their economic and social transformation.
The ITFC is an entity of the Islamic Development Bank Group (IDB). Set up to support the development of trade, particularly among OIC member countries, it aims to contribute to the improvement of the socio-economic conditions of the populations through the world.
Operational since January 2008, the ITFC has provided more than $40 billion in trade finance, making it the leading provider of business solutions for the ICO countries. Moody’s A1 rating of the ITFC reflects the effectiveness of its services characterized by responsiveness to customer needs and a market-oriented business environment.
