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Tuesday, March 5, 2024

Arab Trade Financing Programme approves US$210 million in funding requests

(Abu Dhabi) – The Board of the Arab Trade Financing Programme approved 81 funding requests for trade projects worth US$210 million, during its 121st meeting held today at its headquarters in Abu Dhabi.

The meeting was chaired by Dr. Abdulrahman bin Abdullah Al Humaidi, Chairman and CEO of the Programme.

During the meeting, the board reviewed a comprehensive report on the programme’s financing activity in the last quarter of 2019, which noted that total funding provided by the programme to its member national agencies in all Arab countries since the start of 2019 was some $1.086 million, which directly and indirectly benefitted 16 member countries. It also provided $20 million through a trading agreement with the International Islamic Trade Finance Corporation, ITFC.

The board was then briefed about developments during the related period, in coordination and cooperation with regional and international financial organisations, to expand and reinforce financing tools that promote Arab trade.

The board also reviewed the performance of the investment portfolios of the programme’s funds for the last quarter of 2019 and approved audited financial information and its annual report for the year ending 31st December 2019.

The board presented other trade services provided by the programme to exporters and importers in Arab countries, and reviewed the progress of the Inter-Arab Trade Information Network and the efforts to update the information database on its website.

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