ITFC/ SNTL sign agreement to boost Africa-Arab trade

Trade relations between African countries and the Arab nations is poised to emerge stronger following a recent agreement signed by between the International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group and the National Company of Transport and Logistics (SNTL).

The pact, which was signed in the Kingdom of Morocco, under the umbrella of the Aid for Trade Initiative for Arab States (AfTIAS), would facilitate launch of a Study for the Development of logistical Platforms for Trade & Investment Facilitation between Morocco and Sub-Saharan Africa.

a statement made available to Daily Times Nigeria by APO, on behalf of International Islamic Trade Finance Corporation (ITFC), revealed that the signing took place during the Opening Session of the OIC trade promotion Organizations (TPOs) Meeting, in Casablanca, Morocco on 11 October, 2017 between Eng. Hani Salem Sonbol, CEO, ITFC and Mr. Fouad Ktib, Deputy Director General of SNTL.

The Chief Executive Officer, ITFC, Eng. Hani Salem Sonbol, said, “We aim at reducing the gap of physical infrastructure constraining Trade & Investment flows between Morocco and Sub-Saharan Africa. This signing is under the umbrella of the AfTIAS, but is also at the core mandate of the Arab Africa Trade Bridges (AATB) Program, which is created for bridging the trade gaps between the Arab and African countries.”

Sonbol said that ITFC identified the importance of developing trade hubs in Africa, and this powered its involvement in this project which targets at improving trade solutions in Morocco and some SSA countries by reducing logistical costs, and encouraging trade exchanges amongst them.

“I am very positive of this agreement & partnership with SNTL, and expecting many encouraging outcomes of it, which will ease the trade routes between them, and flourish their economies,” Sonbol added.

Bonny Amadi