The contribution of BADEA will help finance key initiatives targeting the health and pharmaceutical sectors in Africa
Jeddah, Kingdom of Saudi Arabia: The Arab Bank for Economic Development in Africa (BADEA) intensifies its partnership with the International Islamic Trade Finance Corporation (ITFC) to support African Countries to fight COVID-19 through a joint program under the Arab Africa Trade Bridges (AATB). This took place during a signing ceremony at the Headquarters of the International Islamic Trade Finance Corporation (ITFC) between Eng. Hani Salem Sonbol, Chief Executive Officer of ITFC and Dr. Sidi Ould Tah, BADEA’s Director General.
The contribution of BADEA will help finance key initiatives targeting the health and pharmaceutical sectors in Africa. The collaboration also includes technical assistance which will be provided within the framework of the recently announced initiative: Harmonisation of Standards for Pharmaceutical and Medical Devices co-launched by ITFC, Afreximbank and ARSO to promote the quality and safety of medicines and medical devices imported or produced in Africa.
On this occasion, Eng. Hani Salem Sonbol, CEO of ITFC commented on the importance of this collaboration, that it is coming at the most needed time for African countries. “COVID-19 had deeply impacted the region, specially the health sector; and it is within the core mandate of the AATB Program and working closer with partners we need to provide critical life-saving support to our member countries who need immediate help. We will work together with BADEA, who is a founding member of the AATB Program and a constant supporter, in joint initiatives that will also provide economic integration between African and Arab countries.”
From his side, Dr. Sidi Ould Tah, Director General of BADEA also expressed his continuous support to the AATB Program and commended the partnership with ITFC specially at these critical times. He emphasized that enhancing the capabilities of the healthcare facilities in Africa cannot be overlooked anymore. “The AATB Program’s initiatives such as the Harmonization of Standards of Pharmaceutical Products, business matching activities that open trade and investment doors between Africa and the Arab world have been indispensable to effectively respond to challenges imposed by COVID-19 outbreak.”
It is worth mentioning that since the outbreak of the pandemic, ITFC and its partners have approved an AATB Program Action Plan to support African and Arab countries to strengthen their socio-economic resilience in light of the COVID-19. The healthcare and pharmaceutical sectors were prioritized, with immediate measures including supporting the Network of Laboratories in West Africa with the supply of COVID-19 testing kits, lab equipment and personal protection equipment (PPE) for medical and para medical staff.
The Arab Bank for Economic Development in Africa- BADEA – is a multilateral development bank owned by eighteen (18) Arab countries, members of the League of Arab States (LAS). The Bank has been operational for the last 45 years with footprints in about 44 countries.
BADEA aims at promoting economic development in Africa and fostering cooperation between the beneficiary countries and the Arab World through investment and trade. To this end, BADEA’s operations revolve around four strategic pillars:
i) Infrastructure investment;
ii) Private sector and trade financing
iii) Agriculture value-chains; and
iv) Entrepreneurship and SMEs. In addition, capacity development weighs in as a cross cutting pillar.
About the International Islamic Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Since 2008, ITFC has provided more than US$51 billion to OIC member countries, making it the leading provider of trade solutions for the Member Countries’ needs. With a mission to become a catalyst for trade development for OIC Member Countries and beyond, the Corporation helps entities in Member Countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.
About the Arab-Africa Trade Bridges (AATB) Program:
AATB is a multi-donor, multi-country and multi-organizations program, aiming to promote and increase trade and investment ﬂows between African and Arab 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 the key sectors of agriculture and related industries including textiles; health industry including pharmaceuticals; infrastructure and transport; and petrochemicals, construction material and technology.