Eng. Hani Salem Sonbol, Chairman of the Board of Directors of AfTIAS 2.0: To date, AfTIAS 2.0 has generated $4.7 million for 17 projects since its launch in October 2021
JEDDAH, Kingdom of Saudi Arabia, March 29, 2023/APO Group/ —
The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), on behalf of the Aid for Trade Initiative for Arab States (AfTIAS 2.0) Program, signed a partnership agreement with the Arab Republic of Egypt to support Egyptian women in international trade in the agro-food industries and handicrafts sectors. A partnership agreement was also signed with the State of Palestine with the aim of promoting the traditional Palestinian craft industries. The total budget for these approved projects is about US$725,000.
The agreements were signed during the opening session of the fourth meeting of the Technical Coordination Committee (TCC) of the AfTIAS 2.0 Program, which was chaired by Eng. Hani Salem Sonbol, CEO of ITFC, Chairman of the Board of Directors of the AfTIAS 2.0 Program, and Chairman of the TCC. The Meeting witnessed the presence of committee members, representatives of regional and international organizations, and a number of focal points for the Program.
The meeting forged ahead with a plan to address the various issues related to the implementation of the second phase of the Program
The meeting forged ahead with a plan to address the various issues related to the implementation of the second phase of the Program. The committee members reviewed the projects presented for approval. Eng. Sonbol clarified that the total funds allocated by the Program since its launch in October 2021 amounted to approximately US$4.7 million (grants) for 17 approved projects.
The meeting witnessed the signing of an agreement between ITFC and the International Trade Center (ITC), the implementing agency for the second phase of the Women in International Trade project, She Trades Egypt, at a value of US$500,000, which will focus on supporting the export skills of 100 enterprises owned by Egyptian businesswomen in the two sectors: Handicrafts and agricultural food, and linking them to foreign markets.
An agreement was also signed with the Federation of Palestinian Chambers of Commerce, Industry, and Agriculture to implement a project to promote trade in the “traditional” handicraft sector in the State of Palestine, at a value of US$225,000. The project aims to preserve and rehabilitate traditional industries, restore their production capacity by up to 40%, and increase sales by up to 30%, in addition to supporting competitiveness in the domestic market and exporting to foreign markets. Noting that this sector occupies about 700 facilities for handicrafts, divided into about 17 handicrafts, such as pottery, ceramics, hand embroidery, glass, handmade carpets, and shells.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).