ITFC and ICD promote partnership for capacity building of Mauritania’s NFZ

Hani Salem Sonbol, CEO ITFC and Khalid Al-Aboodi, CEO, ICD, exchange documents after signing the agreement in Jeddah.

The International Islamic Trade Finance Corporation (ITFC) and the Islamic Corporation for the Development of the Private Sector (ICD), members of the Islamic Development Bank (IDB) Group, signed a cooperation framework agreement in Jeddah on Monday.
The agreement aims to enable Nouadhibou Free Zone Authority (NFZA) to adopt international practices in organization design, HR management, financial planning and management through a twining program, a major model of Aqaba Special Economic Zone Authority (ASEZA).
Hani Salem Sonbol, CEO ITFC and Khalid Al-Aboodi, CEO ICD, signed the agreement, in the presence of representatives from both entities.
Launched in June 2013, the Nouadhibou Free Zone (NFZ) was in line with the national vision of the government of Mauritania to develop Nouadhibou Bay as the leading economic pole for the national economy, a trade logistical hub and a commercial gateway for the export of fishery and mineral products.
The purpose of this agreement is to provide the cooperation framework between ITFC and ICD, particularly for the implementation of the project, which has been approved by the fourth meeting of the Aid for Trade Initiative for the Arab States (AfTIAS) Board held in Cairo on Dec. 1, 2015.
AfTIAS focuses on the capacity building of trade related institutions, which will contribute to drive the development and management of NFZ as the investment and trade hub for Mauritania.
Sonbol said: “This agreement is a milestone in the AfTIAS program that reflects its aim to achieve inclusive economic growth with increased employment opportunities and greater competitiveness through trade policy reforms in Arab countries as an integral part of the regional trade and economic integration agenda.”
Al-Aboodi said: “The NFZ is a good platform to attract both national and foreign investments to the country within more conducive business environment.”