JEDDAH,
Kingdom of Saudi Arabia, April 14, 2021/ -- Under the patronage of His
Excellency Dr. Bandar bin Fahd Al Fahid, President of the Arab Tourism
Organization (ATO) - Mr. Ayman Amin Sejiny, CEO of the Islamic
Corporation for the Development of the Private Sector (ICD) (https://ICD-ps.org),
member of the Islamic development Bank Group (IDBG), and His Excellency
Mr. Khaled Murad Reda - Assistant Secretary General of the ATO, signed a
memorandum of understanding and joint cooperation to establish a
general framework for the development of the tourism sector through
financing tourism projects in the Arab region, with special emphasis on
least developed Arab countries.
On
this occasion, Mr. Ayman Sejiny declared that this memorandum fulfils
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 (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
tends 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 IDB member countries. Besides, the
Memorandum seeks to build a strategic cooperation relationship between
ICD and the ATO especially in the current circumstances, where the
tourism sector has been severely affected by the repercussions of the
spread of the Corona epidemic.
On his part, H.E. Mr. Al
Fahid expressed his pleasure to sign this memorandum through which many
programs and consultations will be presented that 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
Corona pandemic. He also noted that the Memorandum includes an
implementation plan for several activities and projects that will be
designed in the near future, comprising issuing sukuk, financing SME
projects, financing tourism projects of the 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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