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    Arab-Africa Trade Bridges Program launches USD 1.5 Billion Food Security Program

    July 10, 20233 Mins Read
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    AATB
    Prof. Benedict Oramah, President & Chairman of Afreximbank and Chairman of the AATB Executive Committee and Hani Sonbol, CEO of ITFC and Secretary General of the AATB at the announcement.
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    The Executive Committee of The Arab-Africa Trade Bridges (AATB) Program has unveiled a USD 1.5 billion Food Security Program, aimed at combating food insecurity in the Arab and African regions amidst the ongoing global crisis. By focusing on the food sector, AATB intends to leverage its expertise and partnerships to address specific challenges faced by member countries, while contributing to long-term sustainable development.

    The AATB Program is a multi-donor, multi-country, and multi-organizations program supported by the African Export-Import Bank (Afreximbank), Arab Bank for Economic Development in Africa (BADEA), Islamic Development Bank, The International Islamic Trade Finance Corporation (ITFC) The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), The Islamic Corporation for The Development of The Private Sector (ICD), and The OPEC Fund for International Development. 

    The hybrid launch event of the Food Security Program took place at the headquarters of Afreximbank in Cairo. The event was attended by key partners of the AATB program, along with prominent regional and local media representatives. During the gathering, members of the Executive Committee emphasized the significance of the Food Security Program in addressing the pressing food security concerns of their member countries.

    AATB – Four pillars and capacity development

    The Food Security Program is built upon the four pillars of the AATB Program, namely Trade, Investment, Insurance, and Infrastructure. The program also incorporates a fifth element, which focuses on capacity development and technical assistance. By deploying their expertise, resources, and partnerships, AATB aims to implement targeted engagements that address the specific challenges faced by member countries. As part of this comprehensive approach, the program will provide both funded and unfunded financial transactions related to food security, in addition to capacity development and technical assistance services.

    Immediate response and sustainable solutions

    The primary objective of the Food Security Program is to address the immediate food security requirements of member countries, with a particular emphasis on ensuring a consistent and reliable supply of essential food commodities. Recognizing the urgency of this situation, the Program aims to meet the immediate needs of populations facing food insecurity. The program seeks to attract investments, enhance infrastructure, optimize value chains, and foster cooperation to build resilient and sustainable food systems. These efforts are intended to ensure the availability, accessibility, and affordability of nutritious food for all, contributing to long-term food security and supporting the overall socio-economic development of the region.

    The Food Security Program is a leading initiative for AATB as it seeks to address the evolving priorities of member countries in crucial sectors such as health and food security. By prioritizing the food sector, AATB acknowledges its fundamental role in human well-being, economic growth, environmental sustainability, and interconnected development. Through this program and associated initiatives, AATB aims to contribute to the achievement of the Sustainable Development Goals (SDGs) and promote inclusive economic development among member countries.

    For more trade news, visit our dedicated archives.

    AATB Arab-Africa Trade Bridges Program Food Security
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