6 March 2018

ECA, Itfc Consider Joint Work in Africa


Rabat — Cooperation for trade development in Africa was at the heart of discussions yesterday, at a meeting between Lilia Hachem Naas, Director of the ECA Office for North Africa and Eng. Hani Salem Sonbol, Chief Executive Officer of the International Islamic trade Finance Corporation (ITFC).

During the discussion, they examined several potential areas for joint programmes particularly trade development focusing on the implementation of the Continental Free Trade Area (CFTA), improving logistical infrastructures and regional integration, boosting investment and financing for developmental projects, strengthening the private sector and creating jobs for youths. Follow up meetings will take place in the near future.

The Economic Commission for Africa (ECA) was established by the UN Economic and Social Council (ECOSOC) in 1958 as one of the UN's five regional commissions. ECA's mandate is to promote the economic and social development of its member States, foster intra-regional integration, and promote international cooperation for Africa's development. ECA's Office for North Africa aims 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 support their economic and social transformation.

The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group, established with the purpose of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commenced operations in January 2008, ITFC has provided more than US$40 billion of trade financing, making it the leading provider of trade solutions for OIC Member Countries' needs. Earning the A1 rating by Moody's reflects the Corporation's efficiency in service delivery by responding swiftly to customer needs in a market-driven business environment.

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