Press Release (ePRNews.com) - JEDDAH, Saudi Arabia - Mar 19, 2017 - ITFC and ATTIJARIWAFA BANK (AWB) sign a Letter of Intent within the Framework of the Arab Africa Trade Bridges (AATB) Program for supporting trade between Arab and African countries during the 5th International Africa Development Forum
Casablanca, March 2017: The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IDB) Group and Attijariwafa Bank Group (AWB) sign a cooperation framework to support trade development between Arab and African countries. The signing took place at the occasion of of the 5th International African Development Forum in Casablanca, Kingdom of Morocco, between Eng. Hani Salem Sonbol, CEO ITFC and Mr. Mohamed El Kettani, Chairman and CEO of AWB Group.
As part of this new cooperation framework, ITFC is set to provide Shariah Compliant Financing to the subsidiaries of Attijariwafa Bank; in addition ITFC, AWB, and AWB Subsidiaries are set to co-finance companies looking to import goods from Arab countries.
On this occasion, Eng. Hani Salem Sonbol commented, “This signing is part of the Arab Africa Trade Bridges (AATB) Program, where we aim to cooperate together and provide financial products that serve the needs of our member countries and as a first phase focus the initiatives in three Sub-Sahara Countries: Cameroon, Cote D’Ivoire and Senegal. We are working to implement new trade finance solutions with the purpose to gradually expand the implementation of the solutions developed to other Markets in the Africa sub region.”
Mr Mohamed El Kettani, Chairman and CEO of AWB group stated:
“ITFC and AWB are bound to foster a resilient and long-lasting relationship in Africa and the Arab World. We share the same vision as far as levers of economic growth are concerned. That goes relevantly through trade and investment flows. The agreement we signed today is a strong milestone in our joint cooperation targeting African and Arab trade flows”.
This signing comes after a number of previous collaborations between the two organizations. In February 2016, at the occasion of the 4th International Africa Development Forum, both ITFC and AWB signed a Memorandum of Understanding (MoU) by which the two organizations agreed to set up a strategic partnership to cooperate in several areas related to their respective mandates particularly in trade finance operations.
Additionally, AWB recently participated in the Launching Forum of the Arab Africa Trade Bridges Program (AATB), held in Rabat in February 2017, where it was addressed, amongst others, the importance of the development of specific trade finance solutions to support exporters from Arab and African regions and therefore increase the trade flows between the regions.
It is worth mentioning that ITFC is a sponsor of the 5th International Africa Development Forum, where the theme of this year’s forum is: “New Inclusive Growth Models in Africa”.
About the International Islamic Trade Finance Corporation – ITFC:
The ITFC is an autonomous entity within the Islamic Development Bank Group, formed to consolidate the trade finance business that was formerly undertaken by various windows within the IDB Group. The consolidation of the bank’s trade finance activities under a single umbrella increases the efficiency of service delivery by enabling rapid response to customer needs in a market-driven business environment.
A rich heritage of 30 years trade finance experience by the IDB Group puts the ITFC in a leadership position to foster socio-economic development, set new benchmarks for trade financing and ethical based business standards, and develop innovative Shariah compliant trade financing instruments. Operating to world-class standards the ITFC promotes IDB developmental objectives through its two main pillars, Trade Finance and Trade Promotion, to fulfill its brand promise of ‘Advancing Trade & Improving Lives’.
ITFC cover 57 countries out of 4 continents.
About Attijariwafa Bank Group – AWB:
The Attijariwafa Bank Group, the largest banking and financial group in the Maghreb region, with 8.4 million customers and 17 696 employees, is a pan-African multinational corporation.
With a presence in 25 countries, the Group prioritizes proximity with its clients and puts it at the heart of its strategy through its ambitious banking program and continuous innovation efforts. In addition to its banking activities, the Group operates through specialized subsidiaries in all financial activities: insurance, mortgage, consumer credit, leasing, asset management, stock exchange intermediation, advice, long-term leasing, and Factoring.
With a solid financial base, diversified know-how and modern expertise, the Group has succeeded in becoming the undisputed national leader in economy and consumer credit loans, corporate banking and investment banking, asset management and stock market operations, leasing and banking insurance.
Attijariwafa Bank is based in Morocco and operates in 25 countries: Tunisia, Senegal, Burkina Faso, Mali, Mauritania, Côte d’Ivoire, Congo, Gabon, Cameroon, Benin,Togo and Niger in Africa, Belgium, France, Germany, the Netherlands, Italy and Spain in Europe, and through banking subsidiaries controlled mainly by the bank in Dubai, Abu-Dhabi, Riyadh, London, Montreal, Shanghai and Tripoli through representative offices.