The International Islamic Trade Finance Corporation (ITFC) member of the Islamic Development Bank (IsDB) Group has signed a partnership agreement with the national leader in transportation and logistics, SNTL Group, in Morocco.
The agreement falls under the umbrella of the Aid for Trade Initiative for Arab States (AfTIAS), to launch a study for the development of logistical platforms for trade & investment facilitation between Morocco and Sub-Saharan Africa.
The signing took place during the opening session of the Organisation of Islamic Cooperation (OIC) Trade Promotion Organizations (TPOs) meeting on 11 October, 2017 between Fouad Ktib, Deputy Director General, SNTL Group and Hani Salem Sonbol, CEO, ITFC.
“We aim to reduce the gap of physical infrastructure constraining trade and Investment flows between Morocco and Sub-Saharan Africa,” said Sonbol.
“This signing is under the umbrella of the AfTIAS, but is also at the core mandate of the Arab Africa Trade Bridges (AATB) Program, which is created for bridging the trade gaps between the Arab and African countries.”
Both ITFC, and SNTL agree that trade and investment are among the key pillars of a new collaboration between Morocco and Sub-Saharan governments, and this project will improve trade solutions in Morocco and some Sub-Saharan African countries by reducing logistical costs, and encouraging trade exchanges amongst them.
During the last decade 2004-2014, trade exchanges between Morocco and Sub-Saharan African countries have been rising steadily, and this plan will open doors and create possibilities for investment in infrastructure, develop capacity building skills, and help create private businesses that offer vast services to the public.
“I am very positive of this agreement & partnership with SNTL, and expecting many encouraging outcomes of it, which will ease the trade routes between them, and flourish their economies” concluded Sonbol.