Abu Dhabi, UAE: The Arab Trade Financing Program (ATFP), a specialized multi Arab financial institution with a mission to promote Arab trade and Citi, the leading global financial services company, announced today 27 January 2019 the signing of an agreement for cooperation on risk participation.
Dr. Abdulrahman A. Al Hamidy Chief Executive Chairman of the Board signed the agreement on behalf of ATFP, with Mrs. Elissar Farah Antonios, Chief Executive Officer-Citi UAE, during a ceremony held at ATFP Headquarters in Abu Dhabi.
The Agreement aims to enhance the cooperation between the two institutions to avail joint guarantees to support trade transactions of Arab countries common in the respective areas of operation of both institutions.
The two institutions have agreed to work jointly to provide guarantees to support trade transactions for these Arab countries. This allows the Arab entities engaged in cross border trade transactions to benefit from the joined services of Citi and ATFP to support their payment obligations, thus expanding their capacity to engage in global trade.
In a statement during this occasion, Dr. Al-Hamidy said that, since inception, ATFP has provided financing in excess of US $ 16 billion to Arab trade in the form of financing facilities to support the export and import operations of the Arab countries. He added that the participation Agreement with Citibank represents a positive step aimed at providing guarantee services to Arab financial institutions as well as financing services, which will positively affect the competitiveness of the Arab issuer
Mrs. Elissar Farah Antonios, commended on the cooperation between the two institutions noting that “At Citi, we value our strategic alliance with the Arab Trade Financing Program to promote Arab trade and enable progress in the region. We're proud to provide trade and global cash management services to ATFP in support of trade transactions in Arab countries.”
© Press Release 2019