10.11.2013, Jeddah, KSA – A new strategic initiative known as the Aid for Trade Initiative for the Arab States (AfTIAS) was officially launched on 6 November at its first Board Meeting organized at the Islamic Development Bank (IDB) Group headquarters by the International Islamic Trade Finance Corporation (ITFC), the trade financing arm of the IDB. The Initiative aims to enhance trade and economic cooperation amongst Arab States while attempting to generate further job opportunities.

The inaugural session of the two-day event was presided over by Dr. Ahmad Mohamed Ali, Chairman of the IDB Group. In his key note address, Dr. Ali underlined that the challenges ahead of the Arab States compels them to benefit from available opportunities at the international level, raise gains and minimize losses in all sectors, especially in the trade sector as it plays a major role in materializing the development goals of these countries. “The IDB Group has long been attaching utmost
significance to trade and eyes AfTIAS with great optimism especially as it comes at a time when most Arab States are experiencing difficult transitional circumstances”, added the IDB Group Chairman.

Dr. Waleed Al-Wohaib, CEO ITFC and Chairman of the AfTIAS Board in his speech underscored that the ITFC will work alongside international organizations for the implementation as well as success of the initiative. He pointed out that AfTIAS aims at attracting technical and financial support from donor countries and international financial institutions to enhance trade capacity of the countries concerned.

“Taking the lead in this initiative is an immense honor for ITFC as part of the IDB Group, to work in synergy with our partners and serve our Arab member countries”. Dr. Waleed reiterated. “This meeting is the first concrete step towards assisting the Arab States in mobilizing the resources and to accelerate the pace of trade reforms and enhance their competitiveness in the global and regional markets.”

AfTIAS brings together five UN agencies (UNDP, ITC, UNCTAD, UNIDO and ILO), 4 Arab regional and sub-regional organizations (League of Arab States, Gulf Cooperation Council, Agadir Technical Unit and Maghreb Arab Union) as well as 7 donors (IDB, ITFC, Saudi Arabia, Kuwait, Egypt, Sweden, and UNDP). A cooperation framework has been created for the implementation of large multi-disciplinary projects through the Initiative. It is meant to strengthen the capacities of Arab States in using trade as an
engine of growth, and foster investments and generate employment and wealth.

It is worth mentioning that the AfTIAS was supported by the 3rd Arab Economic and Social Development Summit held in Riyadh towards the beginning of the year wherein the Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz, welcomed the Initiative launched by the ITFC and announced the readiness of the Kingdom of Saudi Arabia to support and contribute to its budget, for faster implementation.

The Initiative was also endorsed by the 12th Session of the Islamic Summit Conference, held in Cairo - Egypt, 6-7 February 2013.

AfTIAS is funded by the IDB, ITFC, UNDP as well as the Governments of Saudi Arabia, Kuwait, Egypt, and Sweden.