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Arab Trade Financing Program – Provided Eleven Billion Dollars In Financing Over The Past 25 Years

World Trade – Finance

Open Eyes Opinion {source: WAM}

 

ATFP extends over $ 11 bn in financing facilities over 25 years

ABU DHABI, — Arab Trade Financing Programme (ATFP) on Sunday revealed continued growth in the trade financing volume last year with $802 million disbursed through lines of credit while the outstanding draw-down balance on lines of credit amounted to $797 million. Cumulatively, by 2014 end, the ATFP had extended more than $11 billion worth of financing since its inception.

Unveiling the statistics while presenting the annual performance report for 2014 during the 26th General Assembly meeting, Abdulrahman bin Abdullah Al-Hamidi, Chief Executive and Chairman of the Board of Directors of the ATFP, said new entrants had joined its pool of national agencies in 2014, raising the number of national agencies to 207 spread in 19 Arab countries and five non-Arab countries.

He said that over the last 25 years of its history, the ATFP has developed a wide range financing services and information regarding Arab trade involving all parties engaged in this activity through the Intra Arab Trade Information Network (IATIN). It tries to promote Arab trade by executing an ongoing programme of holding meetings of buyers and sellers in key economic sectors that demonstrate a potential for growth in trade for Arab countries.

The AFTP’s financial position, he affirmed, is healthy and firm with the last year’s profits reaching US$ 627 million and dividends in cash or shares to shareholders standing at $ 500 million.

The General Assembly approved the annual report and audited financial statements for the fiscal year ended 31 December 2014. Figures showed that equity shareholders’ rights crossed the 1.1 billion dollars mark by 31 December 2014 after shareholders paid their stake in the increase of the capital. Three commercial banks have joined the AFTP, raising its shareholders’ base of Arab financial and banking institutions to 53.

According to the General Assembly resolution (7/2013) issued on 30 June 2013, authorized capital was increased to US$1 billion consisting of 200,000 shares with par value of US$5,000 per share.

The General Assembly also approved a 60 percent cash dividend of net income registered shareholders as of 31 December 2014 that is payable by the end of next June.

Established in 1989 with an authorized capital of US$ 1 billion, the ATFP is a specialized multi Arab financial institution with a mission to promote Arab trade and to increase the competitive capabilities of the Arab producers and exporters.

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