28/02/2016
$ 12 billion is the amount of the cumulative funding of the Arab Trade Financing Program in the 2015
Nasser Mohammed Abed Rabbo of the Department of Finance and credit operations in the Arab Trade Financing Program said that the program is financing transactions via its qualified national agencies that are spread in the Arab countries and some foreign countries.
Abed Rabbo who presented a working paper entitled (the experience of the program in the Financing through (an introductory meeting on the Arab Financing Program Services) which was organized recently the East Chambers main head office in Dammam said that the program is to refinancing the credit provided by those agencies for eligible transactions submitted by the client, pointing that the national agencies are a group of commercial banks and financial institutions in cooperation with the central banks or monetary authorities in its in their countries so that the program offers its facilities and services.
Abed Rabbo mentioned during the meeting which was attended by distinguished businessmen in the region that the program aims to contribute to the development of Arab trade, and to support and enhance the competitiveness of Arab producers and exporters, and said that the indicators of the performance of the Arab Trade Financing Program showed the amount of the cumulative funding by the end of December 2015 amounted to $ 12 billion , while the total cash withdrawals in the same year was $ 808 million, an average of 426 transactions.
The program was established in 1989 and began operations in 1991 with a capital of $ 500 million, while capital that recently reached a billion dollars.
For his part, the chairman of the Trade Information Ahmed bin Sami Abdul Mabod
Who presented a working paper entitled (Trade Promotion and the Network of Arab trade information) said that several mechanisms are supported for promotion activity including: specifying the most promising sectors in the field of export, and to identify the reality of export and import markets and customers of those sectors (in collaboration with exports development associations and chambers of commerce and specialized agencies), in addition to hold meetings for the exporters and importers that gathers the concerned companies via a schedule for each company with other companies. Abdul Mabod said that the program since the start of activity 18 has organized meeting of exporters and importers in different sectors: food, textile and clothing, building materials, metal industries, pharmaceutical industries, agricultural production supplies, furniture and plastic industries. Director of Finance at the Islamic International Foundation also dealt with the financing of the Islamic Bank of Commerce Anis Terai, the most important services provided by the institution in the field of finance in accordance with Islamic Sharia. In the end, the participants were honored with memorial shields.
