Islamic development bank launches economic initiative for Arab countries

The Islamic Development Bank (IDB) launched Wednesday an initiative aimed at boosting trade and economy as well as creating jobs in the Arab countries. The Assistance For Trade in the Arab States (AFTIAS) was officially launched by the Board of the initiative during its meeting in Jeddah, the IDB said in a statement. IDB Chairman Dr. Ahmad Mohammad Ali said the challenges facing the Arab countries "oblige them to use all available resources ... to increase their earnings and cut losses in all sectors particularly the trade sector because it is critically important to achieving development objectives of these countries." The IDB, he added in a statement, has been attaching great attention to trade for decades. Ali said the initiative "aims at upgrading trade and economy levels and increasing job opportunities in the Arab countries." Dr. Waleed Al-Wohaib, CEO of the International Islamic Trade Finance Corporation (ITFC) and Chairman of Board of the initiative, said the ITFC would work side-by-side with international organizations that would implement the initiative to guarantee its success. The initiative, he added, was designed to attract financial and technical support from donor countries and institutions. The initiative consists of five UN agencies: the UN Development Program (UNDP), the UN Conference of Trade And Development (UNCTAD), the UN Industrial Development Organization (UNIDO), the International Labor Organization (ILO), and the International Trade Center. It also include the Arab League, the Gulf Cooperation Council (GCC), the Agadir Technical Unit and the Arab Maghreb Union, in addition to seven donor parties, said Al-Wohaib