Waleed Al Wohaib, CEO of the International Islamic Trade Finance Corporation (ITFC), has praised the growing investment and trade links between the Gulf Cooperation Council (GCC) countries and African nations. Speaking at the Crans Montana Forum held in Manama – Bahrain in early December, Al Wohaib delivered a key note speech in which he reported that GCC exports to the African Union and Sub-Saharan African countries had increased about six times in value from 1996 to 2006, while GCC exports to the world had increased by 3.5 tines during the same time period.

The theme of the forum was Strengthening the GCC-Africa Cooperation, the event was organised in association with the OFID-OPEC Fund for International Development, the OECD Development Centre, and the UNIDO – United Nations Industrial Development Organisation, and the participation of representatives from the Jeddah Chamber of Commerce and Industry.

Since 1989, the Crans Montana Forum has been dedicated to the economic development and world integration of Africa, through infrastructure investment, trade capacity building and the management of natural resources.

The ITFC is an autonomous entity with the Islamic Development Bank (IDB) Group, set up in to consolidate all the financing business previously carried out by various windows within the IDB Group.