(MENAFN- Kuwait News Agency (KUNA)) CAIRO, Oct 28 (KUNA) -- The Arab League signed on Tuesday a new partnership agreement with the International Islamic Trade Finance Corporation (ITFC) to carry out a project on boosting competitiveness of Arab countries to improve opportunities to reach global markets.
The deal, which was signed in Jeddah on the sidelines of the fifth meeting of the Board of Directors of the Aid for Trade Initiative for Arab States (AfTIAS 2.0), aims to promote economic development and trade among Arab countries, as part of both sides' efforts to support Arab economies, particularly amid the current global and regional economic challenges, the League said in a statement.
Arab League's Assistant Secretary General and Head of the Economic Affairs Sector Ambassador Dr. Ali Al-Maliki affirmed that the agreement is an important step toward achieving Arab economic integration.
He added it would contribute to strengthening trade capacities of Arab countries, mainly under the current international circumstances.
"We are committed to enhancing partnerships with international institutions like the ITFC to ensure sustainable growth," he said.
Meanwhile, CEO of ITFC Adeeb Y. Al Aama noted that this new project would open new horizons of investment and achieve tangible benefits to Arab economies.
The scheme covers multiple fields, including infrastructure of trade and supporting Arab countries suffering less growth and others, according to the statement.
It expected to contribute to raising Intra-Arab trade volume, which has recently reached record levels through providing funding worth millions of dollars to carry out projects in energy and agriculture. (end)
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