Posted by Neil King
The Arab Trade Financing Program (ATFP) approved 110 requests for financing trade deals worth $160 million in the first quarter of 2010, it has been revealed.
A report of the ATFP's first quarter activity also noted that the body has offered a total of $7.6 billion to national agencies since its establishment in 1991, WAM News Agency reported.
The ATFP was set up by the board of governors of the Arab Monetary Fund with the aim of developing and promoting trade among Arab countries and boosting the competitiveness of Arab exporters.
This is done by providing lines of credit to exporters and importers via national agencies appointed by monetary authorities in the Arab nations.
ATFP's first quarter report was discussed at its 82nd meeting under the chairmanship of its chief executive Jasim al Mannai, WAM News Agency confirmed.
Meanwhile, it was also revealed this week that the Dubai Multi Commodities Centre has become one of the fastest growing free zones in the world after registering more than 340 companies in the first five months of this year.