Dates traders to benefit from capital injection

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Under the Patronage of H.R.H. Prince Saud Bin Khalid Al-Faisal, Deputy Governor of Medina Region, the Chairman of the Islamic Development Bank (IsDB) Group, H.E Dr. Bandar bin Mohammed Hamza Hajjar and the Chairman of the Chamber of Commerce and Industry of Madinah H.E Mr. Munir Mohammed Nasser bin Saad signed a memorandum of understanding

The agreement was reached to sustain mutual cooperation and support the Chamber’s role in promoting the commercial and economic environment in the Medina region, and activating its participation in achieving the goals of the National Transition Program 2020 and the Vision 2030 of Saudi Arabia. The signing ceremony took place in the Office of H.R.H the Prince and was attended by the Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC)  Eng. Hani Salem Sonbol, and the Secretary-General of the Chamber of Commerce and Industry of Medina, Mr. Mohammed Mahmoud Ramadan.

The MoU included the development of the dates sector in the Medina region, which will be implemented under the supervision of ITFC, the trade financing arm of the IsDB Group, for two years in cooperation with the International Trade Center (ITC), the United Nations arm in support of the private sector. The project aims to address the obstacles faced by farmers and SMEs to ensure full utilization of the potential of the dates sector in Medina to increase internal and external demand.

On this occasion, Dr Bandar Hajjar thanked H.R.H Prince Saud Bin Khalid Al Faisal, Deputy Governor of Medina Region for honoring the signing ceremony of the MoU between the IsDB Group and the Chamber of Commerce and Industry in Medina to support the dates sector in Saudi Arabia, which is currently the world’s third-largest exporter of fresh and dried dates. Dr. Bandar Hajjar also added, “The Kingdom, which annually produces about 1.2 million tons of dates, has great potential to increase its exports and explore new export markets. The impact and expected results of this project is to improve competitiveness and increase exports of the dates of Medina, which will generate better returns for farmers and create more jobs.”

Dr. Bandar Hajjar also noted that this pilot project was included under the Member Country Partnership Strategy (MCPS) with Saudi Arabia, which includes projects and activities in the field of trade development and the search for potential and sources of funding within the common objectives of both parties.

From his side, Mr. Munir Mohammed Nasser bin Saad expressed his gratitude on having the MoU signing under the patronage and honor of H.R.H Prince Saud bin Khalid Al-Faisal, Deputy Governor of the Medina and thanked H.E Dr. Bandar Hajjar, Chairman of the IsDB Group on the efforts of the Islamic Development Bank in promoting the competitiveness of the dates sector in Medina to reach global markets and ensure revenue for farmers and private sector institutions. “This MoU represents a strategic shift in strengthening the national identity of the dates sector in Medina.”

Eng. Hani Salem Sonbol, the CEO ITFC added that the International Islamic Trade Finance Corporation (ITFC), supported the Chamber’s request to develop the dates sector which is of great importance to Medina and Saudi Arabia. “The MoU also includes the capacity building project in the field of international trade. This project provides effective training on the mechanisms and requirements of export to foreign markets, in various productive sectors in Medina. This type of training and rehabilitation was designed by the Foreign Trade Training Center (FTTC) in Egypt to educate the productive sector on the importance of exports. The training courses for this program will then be launched under the supervision of ITFC.”

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