JEDDAH, Nov 6 (KUNA) -- The Islamic Development Bank (IDB) launched
Wednesday an initiative aimed at boosting trade and economy as well as
creating jobs in the Arab countries.
The Assistance For Trade in the Arab States (AFTIAS) was officially
launched by the Board of the initiative during its meeting in Jeddah, the IDB
said in a statement.
IDB Chairman Dr. Ahmad Mohammad Ali said the challenges facing the Arab
countries "oblige them to use all available resources ... to increase their
earnings and cut losses in all sectors particularly the trade sector because
it is critically important to achieving development objectives of these
The IDB, he added in a statement, has been attaching great attention to
trade for decades.
Ali said the initiative "aims at upgrading trade and economy levels and
increasing job opportunities in the Arab countries."
Dr. Waleed Al-Wohaib, CEO of the International Islamic Trade Finance
Corporation (ITFC) and Chairman of Board of the initiative, said the ITFC
would work side-by-side with international organizations that would implement
the initiative to guarantee its success.
The initiative, he added, was designed to attract financial and technical
support from donor countries and institutions.
The initiative consists of five UN agencies: the UN Development Program
(UNDP), the UN Conference of Trade And Development (UNCTAD), the UN Industrial
Development Organization (UNIDO), the International Labor Organization (ILO),
and the International Trade Center.
It also include the Arab League, the Gulf Cooperation Council (GCC), the
Agadir Technical Unit and the Arab Maghreb Union, in addition to seven donor
parties, said Al-Wohaib. (end)
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