The Islamic Development Bank (IDB) Group and as part of its continued efforts to provide strategic support for the growth of intra-OIC trade hosted the 4th Coordination Meeting for local, Arab and Islamic Trade Finance and Trade Guarantee Institutions. The meeting was organized by the International Islamic Trade Finance Corporation (ITFC) and The Islamic Corporation for Insurance of Investments and Export Credits (ICIEC), both autonomous entities within the IDB Group.
The participants in this meeting included the Saudi Export Program (SEP) which is part of the Saudi Development Fund, the Arab Fund for Economic & Social Development, which has as its members all members countries of the League of Arab States, the Arab Bank for Development in Africa (BADEA), The Arab Investment and Export Credit Guarantee Corporation (DHAMAN) and The OPEC Fund for International Development.
Highlighting the importance of this coordination meeting Dr. Abdul Rahman El-Tayeb Taha, CEO, ICIEC, said, "This meeting is part of our efforts to strengthen our endeavors in order to identify areas of synergy between the trade finance and trade guarantee entities, which in turn can help the private sector in our member countries to have better access to our products and services; in addition to raising the level of intra-trade and the flow of Foreign Direct Investment (FDI)".
He went on to add that one of our foremost objectives at the IDB Group is to strengthen and develop intra-trade for OIC member countries, and he further underlined the need to have concerted efforts between the members of the Coordination Group in order to achieve its desired objectives".
On the other hand the participants discussed and agreed on a number of initiatives that will support the members of the group in order to confront the challenges associated with global financial crisis in addition to supporting several programs that will help in strengthening intra-trade and Aid4Trade Initiatives. Moreover, the meeting also discussed the performance report for the participating entities, what was achieved during the preceding year and the shared vision of their coordination efforts.
It is noteworthy to add that in 2009 the members of the Coordinating Group provided over US$3.4 billion and US$4.5 billion in trade finance and trade operations insurance respectively to their various member countries.
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