ECA, ITFC partner to bolster trade between Arab and African countries, generate growth and employment
The Economic Commission for Africa (ECA) and the International Islamic Trade Finance Corporation (ITFC) signed an agreement to step up their cooperation in support to economic and social development as well as trade among their member countries.
The agreement builds on ECA and ITFC’s strengths and strategic priorities to foster regional integration and promote sustainable and inclusive growth. It will enable both organizations to increase joint activities in areas such as support for the operationalization of AfCFTA, the implementation of the Sustainable Development Goals (SDGs), strengthening private sector and SMEs and developing regional value chain as well as supporting the economic empowerment of women, youths and minorities.
ECA seeks to promote sustainable and inclusive economic and social development by supporting the acceleration of structural transformation and regional integration, and by promoting international cooperation for Africa’s development.
ECA’s work is guided by the visions and priorities articulated in the United Nations’ Sustainable Development Goals, the African Union’s Agenda 2063 and the New Partnership for Africa’s Development (NEPAD) programme.
The International Islamic Trade Finance Corporation (ITFC) is a branch of the Islamic Development Bank (IsDB) Group, which aims to foster economic development through trade, especially among member countries of the Organization of Islamic Cooperation (OIC).
In order to do so, ITFC is helping mobilize private and public resources and provides expertise and funds to businesses and governments in its member countries. As part of its work, ITFC has launched the Arab-Africa Trade Bridge (AATB) Program which aims to enhance and increase trade between countries in both regions and has identified the importance of developing trade hubs in Africa.