The Arab–Africa Trade Bridges (AATB) Program, supported by the IsDB, has launched a US$1.5 billion food security program to address the issues of food insecurity in the Arab and African regions.
The AATB Program comprises 10 member countries in the African Continental Free Trade Area, of which five are Muslim-majority countries including Mauritania and Egypt. Saudi Arabia and Gambia, while not member countries of the AATB Program, are observer members of the program.
“The primary aim of the program in the short term is to address the immediate food security requirements of member countries, with a specific focus on ensuring the resources for a consistent and reliable supply of essential food commodities,” an official statement read.
The program will provide funded and unfunded financial transactions related to food security in addition to technical assistance and capacity-building efforts.
The AATB Program, which is supported by seven entities, seeks to leverage its expertise, resources and partnerships to implement targeted engagements that address the specific food security challenges faced by member countries.
It is expected that by addressing investment and infrastructure and optimizing value chains, the program will contribute to the long-term food security and broader socioeconomic development of the region.
The capacity-building element of the AATB Program, which is based on the pillars of trade, investments, insurance and infrastructure, is envisioned as a cross-cutting theme and enabling factor.
The AATB Program was initially launched in 2017. Organized in cooperation between the IsDB’s trade finance arm, the International Islamic Trade Finance Corporation (ITFC), and the Moroccan Ministry of Trade, Investment and Digital Economy, the program launch saw the signing of five agreements to promote cooperation among member countries and supporting entities.
In addition to the IsDB, the AATB Program is supported by the ITFC, the Islamic Corporation for the Insurance of Investment and Export Credit, the Islamic Corporation for the Development of the Private Sector, the OPEC Fund for International Development, the African Export-Import Bank and the Arab Bank for Economic Development in Africa.