Impactful Interventions to Strengthen Economic Ties Offer Compelling Incentives to Join the AATB Program
The General Secretariat of The Arab-Africa Trade Bridges (AATB) Program, a multi-donor, Inter-regional program, announces the Federal Republic of Nigeria’s official membership in the AATB Program. This pivotal development marks a significant step towards advancing trade and to strengthen economic ties among Arab and African countries.
An essential element of the AATB Program is to connect key stakeholders with companies and investors in Arab and African countries. The aim is to increase commercial exchanges and investment flows between the two regions and to support economic integration.
This new partnership with one of Africa’s economic powerhouses will strengthen investment flows, and trade relations between the Arab and African regions
By welcoming Africa’s largest economy into the collaborative framework, the AATB Program demonstrates the attractiveness of its commitment to unlocking the untapped opportunities, increasing market access, diversifying trade partnerships, and heightening investment prospects for its member countries.
Nigeria’s membership in the AATB Program underscores the country’s strong commitment to expanding its global trade footprint, fostering international partnerships, and boosting economic growth. With an increasing interest in the trade sector and the opportunities it presents, Nigeria would leverage its membership in the AATB Program to harness the benefits of regional economic integration.
Commenting on the announcement, Eng. Hani Salem Sonbol, CEO of ITFC and AATB Secretary General, said: “The admission of the Federal Republic of Nigeria into the AATB Program is a major milestone and we are confident this new partnership with one of Africa’s economic powerhouses will strengthen investment flows, and trade relations between the Arab and African regions. Given the economic potential of Nigeria, we will support the country in its quest to diversify and grow its economy and access new markets across Africa and the Arab regions.”
The AATB Program supports member countries’ efforts to diversify their economies, which is aligned with Nigeria’s strategic development priorities. Nigeria’s participation in the AATB will support the Country’s efforts to reduce dependency on oil exports and to explore new avenues for trade and investment. Leveraging the Country’s strategic geographical location, vibrant economy, and historical ties with the Arab region, Nigeria is well-positioned to play a pivotal role in facilitating trade and collaboration between African and Arab countries.
About the Arab-Africa Trade Bridges (AATB) Program:
The AATB Program is a multi-donor, multi-country, and multi-organizations program supported by the African Export-Import Bank (Afreximbank), Arab Bank for Economic Development in Africa (BADEA), Islamic Development Bank, The International Islamic Trade Finance Corporation (ITFC), The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and The Islamic Corporation for The Development of The Private Sector (ICD). The Program aims to promote and increase trade and investment flows between African and Arab OIC Member Countries; provide and support trade finance and export credit insurance and enhance existing capacity-building tools relating to trade. The Program specifically focuses on supporting the key sectors of agriculture and related industries including textiles; the health industry including pharmaceuticals; infrastructure and transport; and petrochemicals, construction material, and technology.
