ITFC and SNTL jointly launch a study to bridge the gap between Morocco and Africa

October 13, 2017: Member of the Islamic Development Bank (IsDB) Group, the International Islamic Trade Finance Corporation (ITFC), has signed a partnership agreement with the national company of transports and logistics, SNTL, in Morocco, to launch a study for the ‘development of logistical platforms for Trade and Investment facilitation between Morocco and Sub-Saharan Africa.’

This agreement is under the umbrella of the Aid for Trade Initiative for Arab States (AfTIAS) but is also at the core mandate of the Arab Africa Trade Bridges (AATB) Program, which is created for bridging the trade gaps between the Arab and African countries.

The signing took place during the opening session of the OIC Trade Promotion Organizations (TPOs) meeting, in Casablanca, in Morocco between Hani Salem Sonbol, CEO, ITFC and Fouad Ktib, deputy director general of SNTL.

On this occasion, Hani Salem Sonbol, said, “We aim at reducing the gap of physical infrastructure constraining Trade and Investment flows between Morocco and Sub-Saharan Africa.”

ITFC has identified the importance of developing trade hubs in Africa; therefore its involvement in this project will improve trade solutions in Morocco and some SSA countries by reducing logistical costs, and encouraging trade exchanges amongst them.

“I am very positive of this agreement & partnership with SNTL, and expecting many encouraging outcomes of it, which will ease the trade routes between them, and flourish their economies” added Sonbol.

Both ITFC and SNTL agree that trade and investment are among the key pillars of a new collaboration between Morocco and Sub-Saharan governments.

In adherence to that, this plan will open doors, and create possibilities for investment in infrastructure, develop capacity building skills, and help create private businesses. These segment of company offers many services to the public, such as logistics services (transport, storage, cold storage, distribution, and stabilising the value of agriculture goods). During the last decade 2004-2014, trade exchanges between Morocco and Sub-Saharan African Countries have been rising steadily.