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ABU DHABI /Â WAM
The Arab Trade Financing Program (ATFP) approved 117 requests for financing trade deals worth US$249 million during its board meeting on Wednesday, which was dedicated to reviewing trade finance activities during the first quarter of the year.
With the latest approvals, the cumulative volume of financing made available by the Abu Dhabi-based ATFP since inception in 1991 reached $12.4 billion. The board welcomed two newcomers to its network of national agencies, raising the total membership to 212 by the end of March, distributed over 19 Arab countries and 5 non-Arab countries.
The meeting also took note of the performance of the investment portfolios and audited financial statements for the first quarter of the year.
Preparations for holding the Conference for Promotion of Arab Trade in Building Materials in Abu Dhabi next October were also discussed.
In the area of ancillary trade supporting services, ATFP continued to develop and update the database of the Intra-Arab Trade Information Network, which is available online through its website for the benefit of parties involved in Arab trade.
ATFP extends financing to all exporters and importers of Arab commodities, and seeks to contribute to the generation of new opportunities for trade exchanges in Arab commodities. Also, ATFP provides financing for capital goods of non-Arab origin that are necessary for production activities in Arab countries.
In addition to financing, ATFP provides a package of other services related to development of foreign trade. These include the provision of relevant and reliable trade information on Arab markets, the co-ordination of available trade opportunities, and the promotion of trade in the form of pan-Arab buyers/sellers meetings.