ICD and Arab Tourism Organization sign memorandum of cooperation

ICD and Arab Tourism Organization sign memorandum of cooperation

Jeddah (UNA-OIC) – CEO of the Islamic Corporation for the Development of the Private Sector (ICD) Ayman Amin Sejiny, member of the Islamic Development Bank (IsDB), and ATO Assistant Secretary-General Khaled Murad Reda signed a memorandum of understanding and joint cooperation.

The memorandum, signed under the patronage of President of the Arab Tourism Organization (ATO) Dr. Bandar bin Fahd Al Fahid, provides for the establishment of a general framework for the development of the tourism sector through financing tourist projects in the Arab region, with special emphasis on least developed Arab countries.

On this occasion, Sejiny declared that this memorandum fulfills the objectives of the ICD, aiming at enhancing and improving the structures and mechanisms of cooperation among the member countries of the Organization of Islamic Cooperation (OIC), including the Arab countries, as well as responding to their needs by extending financing for development projects and carrying out supporting activities that foster human development and institutional efficiency.

The memorandum also serves to implement ICD strategy, which aims to finance investment projects with developmental impacts and to promote activities related to capacity-building, especially for the organizations in charge of promoting investment and trade in IsDB member countries. The memorandum further seeks to build a strategic cooperation relationship between ICD and ATO, especially in the current circumstances, where the tourism sector has been severely affected by the repercussions of the coronavirus pandemic.

On his part, Al Fahid expressed his pleasure to sign this memorandum, through which many programs and consultations will be presented, to serve and support the tourism industry in the Arab world, with emphasis on less developed countries in terms of their public and private sectors and SMEs, as well as the investors in the tourism sector, who have been affected by the pandemic.

He noted that the memorandum includes an implementation plan for several activities and projects that will be designed in the near future. These comprise issuing Sukuk, financing SME projects, financing tourism projects of ATO’s partners in Arab countries through financial and legal support, and benefiting from its strategic partners in the field of preparing advisory studies for financing projects.

Moreover, the plan includes participating in investments in local and social funds directly or through countries and banks within a network of banks in Africa and the Arab world, in order to develop local communities and create sustainable tourism.

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