The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IDB) Group, took the lead, in consultation, collaboration, and coordination with partners, to design a 3-year regional trade promotion program. The program aims at addressing some of the challenges preventing the business communities in Arab countries and Sub-Saharan African (SSA) countries from fully taking advantage of existing trade potentials within the two regions.
In this regard, a study commissioned to the International Trade Centre (ITC) to assess the mentioned untapped potential trade opportunities between the two regions, confirmed the importance of these opportunities and pointed out the main sectors that could increase the cross regional trade between the two regions.
To bridge these untapped export potentials, the ultimate objective of the program has been designed to leverage on new commercial partnerships, strengthen existing ones, and increase trade flows. In addition, the Program shall enhance trade and investment across the two regions through cooperation among trade and investment support institutions. In order to support the member countries from both regions, the Arab Africa Trade Bridges Program has been designed keeping in view the challenges and opportunities.
The Arab-Africa Trade Bridges (AATB) Program aims to facilitate partnerships for trade and investment between the two regions. The Program strives to support the development agenda in beneficiary countries contributing to export development, economic diversification, job creation and inclusiveness, with a special attention to the youth and women.
The core objectives of the AATB Program are:
-
Increase commercial and business exchanges between SMEs from both regions through awareness raising of available trade opportunities and activation of business networks;
-
Strengthen capacity of Trade Support Institutions and SMEs on relevant export tools and trade intelligence;
-
Explore the potential and support the development of inter-regional value chains in strategic economic sectors;
-
Provide opportunities for trade finance and export credit insurance to exporters from both regions.
The expected results include:
-
Establish new business partnership and promote trade between the two regions;
-
Disseminate information on market opportunities and trade regulations;
-
Create opportunities for traders to present their export products;
-
Establish online business network that will facilitate further business contacts and information exchanges;
-
Develop trade finance and export credit insurance products and services offering to facilitate business relations between exporters and importers.
The project, funded by different regional and international organizations as well as by some MCs, will be implemented by ITFC, in close cooperation with support institutions at national level. Other founding members can also implement activities/ projects under the AATB, in coordination with ITFC.
To achieve the above-mentioned outputs and objectives, and to efficiently cooperate and coordinate in the implementation of the AATB Program, it requires a dedicated Project Manager (AATB PM), who should have an extensive experience in managing trade development and trade promotion programs. This person, who will be part of the AATB Project Management Unit (PMU), is selected directly by ITFC.