UAE- ATFP extends US246 million in financing facilities in Q4 2015

3/3/2016 5:06:16 AM

(MENAFN- Emirates News Agency (WAM))

ABU DHABI 3rd March 2016 (WAM) - Arab Trade Financing Programme ATFP a specialised multi-Arab financial institution with a mission to promote Arab trade and to increase the competitive capabilities of the Arab producers and exporters approved requests for financing eligible trade transactions of goods of Arab origin and associated services for member States at the value of US$246 million in the fourth quarter of 2015 bringing to $811 million the total value of approved financing facilities over the whole year.

According to a report reviewed at a meeting of the board yesterday on the ATFP's financing performance for the period September-December 2015 three new national agencies joined the ATFP's network of banking and financial institutions. The AFTP now has 210 approved national agencies spread across 19 Arab member states and five foreign countries.

The cumulative value of financing made available by the Abu Dhabi-based AFTP since its inception in 1991 and up to the end of 2015 stood at $12.2 billion with draw-downs amounting to $11.6 bn.

The board also took note of a report on financial performance of the investment portfolio in Q4 of 2015 and approved audited financial statements and the annual report for the year ending 31st December 2015.

WAM/tfaham/Moran

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