Annual Report 2014 - Arab Trade Financing Program

Transcription

ARAB TRADE FINANCING PROGRAM
ANNUAL REPORT 2014
ANNUAL REPORT 2014
ANNUAL REPORT 2014
ANNUAL REPORT 2014
ANNUAL REPORT 2014
ANNUAL REPORT 2014
CONTENTS
• Foreword1
• Board of Directors3
• The ATFP in Brief
5
• Arab Trade Developments
7
• Trade Finance Activity12
• Other Trade Service Activities
15
• Financial Statements and Auditors’ Report
18
• Shareholders35
• National Agencies36 - 41
Headquarters
Seventh Floor, Arab Monetary Fund Building, Corniche Road, Abu Dhabi, United Arab Emirates
P.O. Box 26799, Abu Dhabi, Telephone: (9712) 6316999
Telefax: (9712) 6316793/6316299
Website: www.atfp.org.ae
ANNUAL REPORT 2014
ANNUAL REPORT 2014
FOREWORD
In 2014 the global economy maintained the pace of growth recorded in the previous year,
reflecting the slowdown in the performance of emerging and developing economies, and
the slow recovery in the performance of the eurozone. This was despite the improvement in
the performance of both the US and the UK economies due to quantitative easing policies,
credit expansion and the increase in spending levels, which consequently led to a decline in
unemployment rates and recovery in the real estate sector.
With regard to the economic performance of the Arab states, the oil-exporting countries achieved
a slight increase in growth rates in 2014, reflecting the improvement in the performance of nonoil sectors. This was due to the drive towards increased public spending levels, particularly
in the GCC countries that have implemented a number of infrastructure projects to spur
economic growth. In oil-importing countries, the economic performance differed between
those experiencing political transition and the other group of countries. Some of Arab countries
undergoing political transition have benefited from the relative improvement in the political
situation and external support provided by some Arab countries, which helped ease the internal
and external imbalances. Other oil-importing countries also achieved better levels of economic
growth, as they continued to implement structural reforms aimed at restoring economic stability
during 2014.
As for the activity of the Program during the year 2014, disbursements on lines of credit amounted
to US$797 million compared to US$842 million during the year 2013. The outstanding drawdown balance on lines of credit, amounted to US$631 million at 2014 year end compared to
US$608 million at prior year end. The cumulative value of financing made available by the Arab
Trade Financing Program since inception and up to the end of 2014 exceeded US$11 billion.
In line with the important role that the national agencies of the Program play through their
geographical distribution, the number of national agencies reached 207 banks and financial
institutions distributed in 19 Arab countries and 5 non-Arab countries.
increase in the number of employees, and in the item related to investment services as a result
of an increase in the volume of funds in the investment activity. Accordingly, the net income
for the year 2014 amounted to US$10.7 million compared to net income of the preceding year
amounting to US$11.1 million.
The shareholders’ funds increased to about US$1,111 million as at 2014 year end, compared
to almost US$1,030 million as at the beginning of the year 2014, this happened during 2014
in accordance with the General Assembly resolution (5/2014) to extend the period till 30 June
2014, for shareholders to settle their share increase in the capital on par value> accordingly,
shareholders settled their subscriptions amounting to US$68.4 million before the June 2014
end. Furthermore, new shareholders settled their subscriptions amounting to US$1.9 million,
for which shareholders number increased to 53 shareholders. Accordingly, the issued and paid
reached 197321 shares as at 31 December 2014, thus the issued and paid up capital increased
to US$987 million. In addition to that, pursuant to the Resolution No.3/2014 issued by the
General Assembly in its twenty fifth annual meeting held on 23 April 2014, the remaining Net
Income of the year 2013 amounting to US$8.9 million was transferred to the General Reserve.
The year 2014 marks the 25th anniversary of ATFP. The Program’s performance bears witness
to achievements during that period, including expansion in the financing activity and available
instruments, as well as development in the other trade services. These achievements underscore
the important role of the Program in promoting Arab trade. The Program will continue its
quest during the year 2015 and thereafter, to develop its activity and expand the utilization
of its credit facilities and other trade services. ATFP will also continue its efforts to avail new
instruments in the trade finance sector, and develop ancillary trade services that the Program
provides through the Arab Trade Information Network and the Arab Buyers Sellers meetings
along with other promotional activities.
In the area of ancillary trade supporting services, ATFP continued to organize seminars in some
Arab countries that aim at familiarizing the Arab trader with its services. This is in addition to
its continued efforts to develop and update the database of the Inter Arab Trade Information
Network, which is available online through its website for the benefit of parties involved in Arab
trade.
As for the financial performance of the Program, the audited financial statements for the year
ended 31 December 2014 show that the total income for the year 2014 amounted to US$14.9
million compared with US$15 million for the year ended 2013, distributed between income from
lines of credit of US$7.0 million and the income from investment portfolio of US$7.8 million.
With regards to administrative expenses during 2014, it is noted an increase amounting to
US$257 thousand distributed mainly between an increase in staff expenditure resulting from an
1
Yours faithfully,
Abdulrahman A. Al Hamidy
Chief Executive Chairman of the Board
2
ANNUAL REPORT 2014
ANNUAL REPORT 2014
BOARD OF DIRECTORS
MEMBERS
Mr. Mohammed Saleh Alghofaili
Assistant Under Secretary for Int’l Financial Affairs,
Ministry of Finance, Kingdom of Saudi Arabia
Representing
“The Arab Monetary Fund”
Mr. Younis Haji Al Khoori
Under Secretary, Ministry of Finance,
Ministry of Finance,
United Arab Emirates
Representing
Mr. Ahmed Othman
Director, Technical Department,
The Arab Fund for Economic & Social Development,
Representing
“The Arab Fund and The Arab Multilateral Organizations”
Mr. Abdullatif Faouzi
General Manager,
Bank of Al Magrib,
Morocco
Representing
“The Arab Central Banks”
3
Mr. Abdelhak Bedjaoui
General Director,
Economic & External Financial Relations,
Ministry of Finance, Algeria,
Representing
Mr. Mohammed Saleh Alghofaili
Mr. Abdelhak Bedjaoui
Mr. Younis Haji Al Khoori
H.E. Sheikh Salman Bin Isa Al-Khalifa
Mr. Ahmed Othman
Mr. Abdul-Hamid M. Zigalaie
Mr. Abdullatif Faouzi
Mr. Houssam Mohamed Saleh Khlaif
H.E. Sheikh Salman Bin Isa Al-Khalifa
Executive Director of Banking Operations,
Bahrain Central Bank,
Kingdom of Bahrain
Representing
Mr. Abdul-Hamid M. Zigalaie
Economic Advisor,
The Arab Fund for Economic & Social Development,
Representing
“The Arab Fund & The Arab Multilateral Organizations”
Mr. Houssam Mohamed Saleh Khlaif
First Vice President, Department of Trade Finance
Arab Banking Corporation (BSC),
Representing
“The Private Financial and Banking Institutions”
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ANNUAL REPORT 2014
ANNUAL REPORT 2014
THE ATFP IN BRIEF
Objectives & Means
ATFP aims at promoting and developing trade exchanges of Arab countries, and to enhancing
the productivity and competitiveness of Arab producers and exporters. To achieve this end,
ATFP seeks to bring together the resources capable of providing the necessary financing for
such exchanges at convenient cost and terms. This is performed through various financing
tools that include besides the Lines of Credit that are made available to its national agencies,
risk sharing with the national agencies in its financing operations, forfaiting, and financing in
accordance with the Islamic Sharia. ATFP also seeks to provide exporters and importers in Arab
states with information on Arab trade activities, those involved therein, market potentials and
opportunities. In addition, ATFP strives to cooperate and coordinate with regional and local
institutions of finance and insurance to provide the necessary coverage for such exchanges.
Legal Status
Organizational Structure
ATFP’s organizational structure consists of a General Assembly which encompasses shareholders
of all categories, a Board of Directors, and an Executive organizational structure which is
headed by the Chief Executive & Chairman of the Board of Directors. The Executive Structure
is comprised of three departments: - The Trade Development and Promotion Department,
The Credit and Trade Finance Operations Department; and The Finance & Administration
Department.
Program Characteristics
ATFP’s nature of establishment, shareholding and activities, its characteristics and
attributes, distinguish it from other sources of trade financing, in the following:
Among joint Arab institutions specializing in trade financing, ATFP was the first to aim,
as an objective, to contribute to the development of Arab trade and to the enhancing the
Arab exporter’s competitive advantage.
The Arab Trade Financing Program is a joint Arab financial institution which has an independent
corporate identity and enjoys full rights, particularly with respect to ownership, contract,
litigation, acceptance of deposits, borrowing and fund management.
ATFP enjoys privileges and immunities granted to it by the United Arab Emirates, its country of
domicile, pursuant to the Protocol of Privileges and Immunities issued as Federal Decree No. 3
of the year 1990.
ATFP extends financing to all exporters and importers of Arab commodities, and
seeks to contribute to the generation of new opportunities for trade exchanges in Arab
commodities. Also, ATFP provides financing for capital goods of non-Arab origin that are
necessary for the production activity in the Arab countries.
Resources
As a specialized Arab institution, ATFP is in a better position to coordinate and cooperate
with regional and local institutions of finance and insurance on matters related to providing
financing and insurance coverage for trade transactions at reasonable conditions.
The resources of the ATFP consist of its own capital and reserves, funds deposited with it
by financial institutions, borrowing from money markets or other sources falling within the
guidelines set by the General Assembly, and any other resources approved by the General
Assembly.
Shareholders
Shareholders of ATFP are classified into three categories. Category (A) includes the Arab
Monetary Fund, joint Arab financial institutions, and Arab governmental institutions of finance
and banking. Category (B) encompasses non-governmental financial and banking institutions
in the Arab countries, while Category (C) similar institutions albeit of international or joint
Arab-foreign financial and banking institution.
Capital
ATFP provides financing for Arab trade at competitive pricing convenient terms.
ATFP seeks to enhance the capabilities of the commercial banks engaged in providing
financing for Arab trade
ATFP enjoys a broad shareholder base including joint Arab financial institutions as well as
Arab banking institutions of governmental, private and joint nature. Such base allows the
establishment of a comprehensive framework within which resources can be pooled with
the ultimate objective of helping develop trade in Arab commodities.
In addition to financing, ATFP provides a package of other services related to development
of foreign trade. These include the provision of relevant and reliable trade information
on Arab markets, the coordination of available trade opportunities, and the promotion of
trade in the form of pan Arab buyers/sellers meetings.
The ATFP authorized capital, after increase in 2013, amounts to US1$ billion, consisting of 200
thousand shares at a par value of US5,000$ per share. ATFP has a total number of 53 shareholders
representing a number of Arab financial organization, Arab Central Banks and Arab and joint
Arab Foreign Commercial Banks. The list of the shareholders is lead by the Arab Monetary Fund
and the Arab Fund for Economic & Social Development whereby each hold 111274 shares and
44509 shares respectively.
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ANNUAL REPORT 2014
Arab Trade Developments
According to the Joint Arab Economic Report of 2014, Arab exports witnessed a drop in 2013
due to the relative decline in international prices of oil. The rate of growth of Arab imports also
dropped due to the slowdown in economic growth rates in Arab countries.
Arab Countries Foreign Trade
Arab exports recorded a drop in 2013 affected by the decline in international oil prices and the
weak economic performance in the euro zone, the main trading partner. Total exports amounted
to US$ 1319.2 billion compared to US$ 1321.9 billion in 2012, a decrease of 0.2%. Thus Arab
exports as a share of global exports dropped to 7% from 7.2% in 2012.
Schedule No. 1
Total Arab Foreign Trade
2009 – 2013
US$ (billion)
Geographical Distribution of Arab Trade
With regard to the share of the main trading partners in total Arab exports, the shares of the
United States, European Union and China dropped to 6.8%, 13.2% and 8.1% respectively during
2013 from 8.1%, 13.4% and 8.6% respectively in 2012. Conversely, the share of Japan in Arab
exports slightly increased from 10.4% in 2012 to 10.5% in 2013.
Arab Trading Partners in 2013
Arab Imports (%)
Arab Exports (%)
The rest of
the world
Average
Change
during the
period
2009-2013
Annual Change (%)
2009
2010
2011
2012
2013
2009
2010
2011
2012
2013
%
Arab Exports
735.7
911.8
1,197.7
1,321.9
1,319.2
-31.7
23.9
31.4
10.4
-0.2
3.6
Arab Imports
607.3
662.1
741.5
826.5
874.1
-9.3
9.0
12.0
11.5
5.8
10.8
Global Exports
12,531.0
15,254.0
18,291.0
18,404.0
18,784.0
-22.3
21.7
19.9
0.6
2.1
4.3
Global Imports
12,733.0
15,457.0
18,487.0
18,608.0
18,874.0
-23.0
21.4
19.6
0.7
1.4
3.8
Ratio of Arab to
Global Exports (%)
5.9
6.0
6.5
7.2
7.0
Ratio of Arab to
Global Imports (%)
4.8
4.3
4.0
4.4
4.6
Source: Joint Arab Economic Report 2014
As for the export performance at the country level, indicators for 2013 show a drop in the value
of exports in most oil exporting countries. Exports of Libya declined by 31.7%, Algeria by 9.2%,
Iraq by 4.9%, Saudi Arabia by 3.2% and Kuwait by 2.3%. The exports of Oman, UAE and Bahrain
recorded an increase amounting to 13.9%, 8.4% and 5.9% respectively.
Among the non-oil exporting countries, exports of Lebanon declined by 12.2%, Somalia by
11.5% and Egypt by 1.5%. The exports of Morocco, Mauritania, Jordan and Tunisia increased
by 2.2%, 1.8%, 1.1% and 0.3% respectively in 2013. The value of exports in Sudan recorded the
highest increase amounting to 74.3% followed by Yemen at 4.2% and Djibouti at 2.6%.
Total imports of Arab countries during 2013 recorded an increase amounting to US$874.1 billion
compared to US$826.5 billion in 2012. Accordingly, the share of Arab imports in global imports
slightly increased to 4.6% in 2013 compared to 4.4% in 2012. It is worth noting that the rate of
growth of Arab imports dropped from 11.5% in 2012 to 5.8% in 2013 due to the slowdown in
economic growth rates in Arab countries.
7
At the country level, indicators reflect an increase in imports of most Arab countries. Thirteen
Arab countries recorded an increase in their imports ranging between 18% in Yemen and 0.4%
in Morocco. Meanwhile, the imports of Lebanon, Tunisia, Mauritania, Egypt, Libya, Djibouti and
Somalia recorded a decline ranged between 0.2% for Lebanon and 8.6% for Somalia.
Arab Countries
8.6
23.7
European
Union
Arab Countries
13.1
The rest of
the world
16.4
European
Union
28.2
13.2
United States
6.8
Other Asian
Countries
17.1
Other Asian
Countries
29.2
Japan
China
8.1
10.5
United States
China
13.1
Japan
8.8
3.3
As for the direction of Arab imports, the share of the European Union in total Arab imports
increased to 28.2% and the share of the United States to 8.8% in 2013, compared to 26.2%
and 8.6% respectively in 2012. Likewise, the share of China in Arab imports reached 13.1%
compared to 12.6% in 2012. Meanwhile, the share of Japan slightly dropped from 3.9% in 2012
to 3.3% in 2013.
Commodity Structure of Arab Foreign Trade
Statistics relating to the commodity structure of Arab exports indicate that fuel and minerals
continue to comprise the largest item of Arab exports amounting to 73.7% of total exports in
2013 despite the decline from its share of 76.5% in 2012. As a result, manufactured products
increased from 15.9% to 19.8% of total Arab exports in 2013. Within the manufactured products
category, chemical products, basic industries and machinery & transport equipment represented
a share of 7.8%, 5.8% and 3.5% respectively. Meanwhile, agricultural products’ share of total
Arab exports increased to 5.2% in 2013 compared to 4.9% in 2012.
On the import side, manufactured products topped the list amounting to 62.7% of total Arab
imports. Within this category, machinery & transport equipment represented 28.6% followed by
basic industries at 17.6% and chemical products at 9.1%. Agricultural products ranked second
in Arab imports with a share of 20.1%, followed by fuel and minerals at 16.4%.
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ANNUAL REPORT 2014
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Commodity Structure of Arab Foreign Trade in 2013
Commodity Structure of Arab Exports(%)
Commodity Structure of Arab Imports(%)
Unclassified
1.3
Unclassified
1.7
Fuel & Minerals
73.7
Chemical
Products
7.8
Fuel &
Minerals
16.4
Basics
Industries
5.8
Manufactured
Products
19.8
Chemical Prod.
9.1
Basics
Industries
17.6
Manufactured
Products
62.7
Agri
Products
20.1
Machinery &
transport products 3.5
Machinery &
transport
products
28.6
Other ind. 2.6
Other ind. 7.4
Agri Products
5.2
Inter-Arab Trade
The average value of inter-Arab trade in 2013 recorded an increase of 4.2% and reached US$113.6
billion compared to US$109 billion in 2012. The value of inter-Arab exports increased by 2.3%
and reached US$112.9 billion, while the value of inter-Arab imports increased by 6.3% and
reached US$114.3 billion in 2013.
Schedule No. 2
Value and Growth of Inter-Arab Trade
2009 – 2013
Value (US$ billion)
Average
Change
during
the period
2009-2013
Annual Change (%)
2009
2010
2011
2012
2013
2009
2010
2011
2012
2013
Inter-Arab Trade (1)
80.4
91.1
100.8
109.0
113.6
-15.8
13.3
10.7
8.1
4.2
Inter-Arab Exports (FOB)
87.2
98.5
103.1
110.4
112.9
-13.0
12.9
4.7
7.1
2.3
8.2
Inter-Arab Imports (CIF)
73.6
83.8
98.6
107.6
114.3
-18.9
13.9
17.7
9.1
6.3
13.5
%
10.7
(1) (Inter-Arab Exports + Inter-Arab Imports) ÷2. Source: Joint Arab Economic Report 2014
As a result of the decline of international prices of oil which resulted in a drop in the value of
total Arab exports, the share of the inter-Arab exports in total Arab exports slightly increased
from 8.4% to 8.6% in 2013.
On the imports side, the share of the inter-Arab imports in total Arab imports maintained its
level of 13% as a result of the decline in the growth rate of the total Arab imports during the
year 2013.
9
Schedule No. 3
Share of Inter-Arab Trade in Total Arab Trade (%)
2009 – 2013
2009
2010
2011
2012
2013
Ratio of Inter-Arab Exports to Total Arab Exports
11.9
10.8
8.6
8.4
8.6
Ratio of Inter-Arab Imports to Total Arab Imports
12.1
12.7
13.3
13.0
13.1
As for the performance at the country level, indicators show that ten Arab countries recorded an
increase in their inter-Arab exports in 2013. Yemen recorded the highest increase in inter-Arab
exports amounting to 132.3%, followed by Kuwait at 23.1%, UAE at 17.5%, Lebanon at 16.1%,
Jordan at 11.5% and Oman at 9.7%. Concurrently, the increase of inter-Arab exports for Egypt,
Comoros, Bahrain and Tunisia recorded 5.4%, 4%, 3.2% and 0.4% respectively. Conversely, the
drop in Inter-Arab exports of other Arab countries ranged between 0.4% for Algeria and 60.7%
for Libya.
As for inter-Arab imports, thirteen Arab countries recorded an increases ranging between
120.3% for Djibouti and 1.3% for Mauritania, while inter-Arab imports of Lebanon dropped by
18.8%, Jordan by 8.6%, Somalia by 5.9%, Iraq by 5.8% , Egypt by 4% and Qatar by 2.8%.
Geographical Distribution of Inter-Arab Trade
It is evident that inter-Arab trade continues to be mostly concentrated in dealings between
neighboring Arab countries. Thus, in 2013, the bulk of inter-Arab exports of Jordan were
directed towards Iraq with a share of 34.3% and Saudi Arabia with a share of 25.3%. The interArab exports of Tunisia were directed towards Libya and Algeria with a share of 47.6% and
26.6% respectively. On the other hand, Saudi Arabia, Egypt and Morocco were able to increase
the geographical distribution of their inter-Arab exports to several Arab countries.
On the import side, statistics confirm that the geographical location of a country plays a major
role in determining its inter-Arab trade partners. Therefore, the larger part of inter- Arab imports
of Bahrain were from Saudi Arabia with a share of 81%, while 55% of UAE’s inter-Arab imports
were from Saudi Arabia and Oman. Likewise, 75% of Libya’s inter-Arab imports were from
Tunisia & Egypt. In this respect, Lebanon and Algeria are considered to be the most diversified
in terms of inter-Arab imports.
Commodity Structure of Inter-Arab Trade
Statistics relating to the commodity structure of inter-Arab trade show that manufactured
products topped the list of inter-Arab exports at 46.2% in 2013, followed by fuel and minerals
with a share of 26.2% and agricultural products at 20.9%. Within the manufactured products
category, basic industries, chemical products, and machinery & transport equipment recorded
a share of 16.3%, 10.1% and 4.9% respectively.
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ANNUAL REPORT 2014
TRADE FINANCE ACTIVITY
Commodity Structure of Inter-Arab Trade in 2013
Commodity Structure of Arab Exports (%)
Unclassified
6.7
Fuel &
Minerals
26.2
Chemical
Prod.
10.1
Manufactured
Products
46.2
Agri
Products
20.9
Basics
Industries
16.3
Machinery &
transport products 4.9
Other ind. 6.7
Commodity Structure of Arab Imports (%)
Summary of Financing Activities
During 2014, Arab Trade Financing Program (ATFP) received applications from its National
Agencies in Arab countries amounting to US$802 million, compared to US$845 million in
2013. Meanwhile, disbursements against lines of credit amounted to US$797 million, compared
to US$842 million in 2013. As at 31/12/2014, the outstanding balance of credit extended to
National Agencies was US$631 million compared to US$608 million at year end 2013.
Unclassified
4.1
Chemical
Prod.
12.8
Fuel &
Minerals
35.1
Agri
Products
16.1
Manufactured
Products
44.3
Basics
Industries
15.6
Annual Trade Finance Activity
)1990 - 2014(
Machinery &
transport products
10.5
Other ind. 5.4
US Dollars (million)
On the import side, manufactured products likewise topped the list with a share of 44.3% of
inter-Arab imports followed by fuel and minerals at 35.1% and agricultural products at 16.1%.
2014
Year
Outstanding
Repaid
Disbursed
Approved
Twenty nine lines of credit agreements were signed, three of which were increased, for a total
amount of US$881 million during 2014, this figure compares to thirty two lines of credit
agreements totaling US$828 million signed during 2013.
Agreements signed with ATFP National Agencies in 2014: The Kingdom of Morocco:
Attijariwafa Bank. The Hashemite Kingdom of Jordan: Ministry of Finance, The Housing Bank
for Trade and Finance, Capital Bank of Jordan. United Arab Emirates: Commercial Bank of
Dubai, Al-Ahli Bank of Kuwait K.S.C. – Dubai Branch. Republic of Lebanon: BankMed S.A.L.,
Byblos Bank S.A.L., Credit Libanais S.A.L., Fransabank S.A.L., IBL Bank S.A.L., Bank of Beirut
S.A.L., BLOM Bank S.A.L., Bank of Beirut & the Arab Countries S.A.L., Banque Audi S.A.L. –
Audi Saradar Group. Republic of Tunisia: Central Bank of Tunis.
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ANNUAL REPORT 2014
ANNUAL REPORT 2014
Cumulative financing
Financing Activity 2014 Geographical
Distribution
With regard to the cumulative financing figures since commencement of operations in 1991
up to year end 2014, ATFP processed applications totaling US11,772$ million for eligible trade
transactions totaling US15,608$ million, and approved transactions amounting to US11,346$
million. ATFP signed (680) lines of credit agreements for a total value of US11,403$ million, and
disbursed US10,836$ million - out of which US10,205$ million were settled.
Middle East
%26
Gulf Arab
State
Financing Activity Periodic Development
)1990 - 2014(
%52
North Africa
4500
%22
Trade transactions financed by ATFP included a varied range of commodities and products, but
mainly covered:
–– Consumer
Goods: Petroleum products, foodstuffs, spices, Sugar, sesame seeds, clothes,
medicines, medical products, sanitary products, jewelry, home appliances, furniture,
stationary, cotton products and paper products;
US$ million
Arab Republic of Egypt: Central Bank
of Egypt, Export Development Bank of
Egypt, National Bank of Egypt, Banque
Misr, Arab Investment Bank, Banque
du Caire. Kingdom of Bahrain: AlAhli United Bank. Kingdom of Saudi
Arabia: Arab Petroleum Investment
Corporation. State of Kuwait: Gulf Bank,
Al-Ahli Bank of Kuwait K.S.C. Sultanate
of Oman: Bank Muscat (S.A.O.G.).
Islamic Republic of Mauritania:
Banque Centrale de Mauritanie. U.K.:
National Bank of Egypt (UK) Limited.
3000
1500
–– Intermediary Goods: Petrochemical products, aluminum, iron and steel products, chemical
products, copper bars, cables, electrical wires, ceramic tiles, pipes, building material,
wrapping & packaging material, green houses, glass boards, carton boards, glass bottles,
sulfur, ravemul and paints;
–– Raw Material: Cotton, phosphate, fertilizers and crude oil;
1990-1994
Disbursed
1995-1999
Approved
2000-2004
2005-2009
2010-2014
Financing Requested
–– Capital Goods: Cement mixers and electrical generators and transformers.
National Agencies
Commodity Structure Financing Activity 2014
During 2014, ATFP approved the nomination of three new National Agencies, namely:
Production &
Capital Goods
%7
Consumer
Goods
%36
Republic of Lebanon: National Credit Bank
United Kingdom: National Bank of Egypt (UK) Limited
Republic of Tunisia: Al Baraka Bank – Tunisia
These new nominations bring the total number of ATFP National Agencies, as at the end of
2014, to 207 National Agencies in nineteen Arab countries and five non-Arab countries.
Intermediary
Goods
%38
Raw Materials
%19
13
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ANNUAL REPORT 2014
Other Trade Service Activities
On inception, ATFP set up the Intra Arab Trade Information Network (IATIN) with the objective
of providing reliable online information on Arab trade to all parties involved in the market.
ATFP completed the process of linking the central core of IATIN headquarters to 30 focal points
covering all Arab countries (except Somalia & Iraq) thereby securing delivery of the network’s
services to the widest possible range of business communities in the Arab region.
IATIN provides a wide array of services to Arab traders including country markets profiles, key
contacts of companies engaged in commerce, as well as available trade opportunities at the Arab
regional level, in addition to other information relating to Arab trade. The services of IATIN
are made available through ATFP’s web site at www.atfp.org.ae as well as through conventional
telecommunication facilities including telephone, e-mail and ordinary mail.
ATFP continues to maintain and update IATIN as an online Arab market directory for the
benefit of those involved in trading activities in the Arab region. ATFP has also been active
in organizing and executing trade promotional activities including buyers/sellers meetings in
sectors that demonstrate a potential for trade growth. The meetings are based on a process of
matchmaking of exporters and importers dealing in the same products where possibilities of
trade exchange, investment, and regional marketing alliances are discussed.
The meetings also help informing participants of ATFP’s financing capabilities, and the credit
facilities made available through its National Agencies. Based on statistical trade flow analysis, a
number of key sectors with a potential for trade growth in Arab countries have been identified as
the focus of ATFP’s buyers/sellers meetings. These sectors include textiles, food industries, metal
industries, pharmaceuticals, chemicals & petrochemicals, building materials, furniture, plastic
industries and agricultural inputs.
Inter-Arab Trade Information Network
The Arab Trade Financing Program (ATFP) continued in 2014 its efforts to update and enhance
the database of the Intra-Arab Trade Information Network (IATIN) provided online through its
web site on the Internet. In this connection, ATFP updated the contact details of 1750 companies
engaged in manufacturing, importing and exporting activities in various Arab countries. During
the year, ATFP also added 925 trade leads in the Arab Business Opportunities database for access
by potential interested trading partners. Moreover, ATFP uploaded its website with the updated
versions of the Market Profile of Jordan, Egypt, Kuwait, Lebanon, Morocco, Oman, Saudi Arabia
and UAE in cooperation with the appointed focal points in those countries.
Trade Promotion
During 2014, ATFP carried out several activities that aimed at familiarizing the Arab trader with
its services with an objective to contribute to the development of Arab trade. In this connection,
ATFP participated in several workshops and seminars held in Arab states in cooperation with
regional and international institutions engaged in trade finance and trade promotion.
Within this context, ATFP participated in the Coordination group meeting to enhance
cooperation in the field of trade finance and guarantee which was held in September 2014 and
hosted by the Saudi Fund for Development in Riyadh. During the meeting, ATFP presented its
services in the presence of a group of banks, businessmen and commercial companies.
ATFP also participated in the International Forum for Islamic Finance in Khartoum which
was organized & sponsored by the Ministry of Finance with partnership of Bank of Khartoum.
The forum was attended by Islamic finance institutions from several Arab, African and Asian
countries. During the forum, ATFP presented its activities & role in the development of Arab
trade as well as the ways to benefit from its available services in the fields of trade finance, trade
information and trade promotion.
ATFP also formulated a future plan for implementing activities that will enhance the
competitiveness of the Arab trader and open up new markets in the Arab countries and beyond.
This includes organizing a periodic conference to promote Arab trade and resuming the Buyers/
Sellers meetings in specific sectors. This is in addition to the cooperation with the International
Islamic Trade Finance Corporation (ITFC) in organizing meetings for Arab exporters with
African importers within the framework of the “Arab African Trade Bridge” initiative of ITFC.
On the other hand, in its efforts to develop its financing activity, the Board of Directors of ATFP
has approved the inclusion of the guarantee and mudaraba products within ATFPs’ financing
mechanisms. This will allow ATFP to start financing Arab export & import transactions through
such mechanisms and thus, enhance its role in supporting Arab Trade.
As for Arab foreign trade statistics, ATFP’s website was updated with the statistical data published
by the Arab Monetary Fund (AMF) and the International Trade Centre (ITC), thus expanding
the available statistical database to cover the period 2009 – 2013.
15
16
ANNUAL REPORT 2014
ANNUAL REPORT 2014
FINANCIAL STATEMENTS
& AUDITOR’S REPORT
Independent Auditor’s Report
Statement of Financial Position
19
Income Statement
21
Statements of Comprehensive Income &
Changes in Shareholders’ Equity
22
Statement of Cash Flows
23
Notes to the Financial Statements
17
20
24 - 33
18
ANNUAL REPORT 2014
1
19
ANNUAL REPORT 2014
2
20
3
21
4
22
5
23
6
24
7
25
8
26
9
27
10
28
11
29
12
30
13
31
14
32
ANNUAL REPORT 2014
ANNUAL REPORT 2014
15
33
34
ANNUAL REPORT 2014
ANNUAL REPORT 2014
NATIONAL AGENCIES
SHAREHOLDERS
Arab Monetary Fund Abu Dhabi
Arab Fund for Economic and Social Development Kuwait
Banque d' Algerie Algiers
Arab Banking Corporation (BSC) Manama
Central Bank of Libya Tripoli
Central Bank of Egypt (On behalf of Egyptian banks) Cairo
Gulf International Bank Manama
Arab Authority for Agricultural Investment and Development
Khartoum
The Arab Investment Company Riyadh
Central Bank of Yemen
Sana’a
The Inter-Arab Investment Guarantee Corporation Kuwait
Commercial Bank of Syria Damascus
Banque Centrale de Tunisie Tunis
Bank Almaghrib Rabat
Libyan Foreign Bank Tripoli
El Nilein Bank Group for Industrial Development
Khartoum
Banque de L'Agriculture et du Development Rural Algiers
Banque Nationale d'Algerie
Algiers
Banque Exterieure d'Algerie
Algiers
Credit Populaire d'Algerie
Algiers
Banque de Developpment Local
Algiers
Rasheed Bank Baghdad
Rafidain Bank Baghdad
Riyad Bank Riyadh
Union National Bank Abu Dhabi
Arab International Bank Cairo
Jordan Dubai Islamic Bank Amman
Samba Financial Group Riyadh
Tunis International Bank Tunis
Arab Bank Limited (Abu Dhabi Branch)
Abu Dhabi
National Commercial Bank Jeddah
Al Ahli Bank of Kuwait KSC Kuwait
Banque Marocaine du Commerce Exterieur Casablanca
Commercial Bank of Kuwait Kuwait
National Bank of Kuwait Kuwait
Al Ahli United Bank Manama
Arab African International Bank Cairo
Banque Centrale Populaire Casablanca
Emirates National Bank of Dubai Dubai
Byblos Bank S.A.L.
Beirut
Credit Libanaise S.A.L.
Beirut
Arab Investment Bank
Cairo
Qatar National Bank
Doha
Bank of Beirut
Beirut
FransabankBeirut
Banque Audi
Beirut
Capital Bank of Jordan
Amman
Banque Libanese pour le Commerce
Beirut
Banque Libano-Francaise S.A.L.
Beirut
BLOM Bank S.A.L.
Beirut
BankMed S.A.L.
Beirut
First National Bank S.A.L.
Beirut
Union de Banques Arabes et Françaises (UBAF) Paris - France
35
JORDAN
Jordan Dubai Islamic Bank.
Arab Bank P.L.C.
Arab Banking Corporation (Jordan)
Central Bank of Jordan
The Housing Bank for Trade & Finance
Bank of Jordan
Capital Bank of Jordan
Investbank
Jordan Ahli Bank
Jordan Kuwait Bank
Egyptian Arab Land Bank
Jordan Commercial Bank
Cairo Amman Bank
Ministry of Finance
U.A.E.
Emirates NBD Bank
First Gulf Bank
El-Nilein Bank – Abu Dhabi
Banque Misr (Gulf Branches Regional Office)
Mashreq Bank
Union National Bank
Arab Bank – Abu Dhabi
Abu Dhabi Commercial Bank
Citibank – Dubai
Al Ahli Bank of Kuwait KSC - Dubai
National Bank of Abu Dhabi
Abu Dhabi Islamic Bank
National Bank of Fujairah P.S.C.
Bank of Baroda
Bank of Sharjah
Commercial Bank of Dubai
Noor Islamic Bank
Standard Chartered Bank
National Bank of Kuwait S.A.K. - Dubai Branch
BAHRAIN
National Bank of Bahrain BSC
Bahrain Development Bank B.S.C.
Arab Banking Corporation (B.S.C.)
The Arab Investment Company (S.A.A.) (Wholesale Bank)
Bank of Bahrain And Kuwait (B.S.C.)
Al-Ahli United Bank (B.S.C.)
Gulf International Bank (B.S.C.)
United Gulf Bank B.S.C.
Al Baraka Banking Group
Bahrain Islamic Bank
ICICI Bank Limited (Bahrain Branch)
Elaf Bank
Al-Baraka Islamic Bank
36
ANNUAL REPORT 2014
ANNUAL REPORT 2014
NATIONAL AGENCIES
TUNISIA
ALGERIA
Banque de l’Agriculture et du Developpement Rural
Banque Nationale d’Algerie
Banque Exterieure d’Algerie
Credit Populaire d’Algerie
Banque de Developpement Local
Arab Banking Corporation (Algeria)
SAUDI ARABIA
The Saudi Investment Bank
Riyad Bank
The National Commercial Bank
Arab Petroleum Investment Corporation (APICORP)
Bank Al-Jazira
International Islamic Trade Finance Corporation (ITFC)
SUDAN
El Nilein Bank
Omdurman National Bank
Animal Resources Bank
Sudanese French Bank
Saving & Social Development Bank
Financial Investment Bank
Workers National Bank
Islamic Co-operative Development Bank
Al Baraka Bank Sudan
Byblos Bank Africa
Arab Authority for Agriculture Investment and Development
United Capital Bank
National Agency for Insurance & Finance of Exports
AL Salam Bank – Sudan
Al Jazeera Sudanese Jordanian Bank
Bank of Khartoum
The Central Bank of Sudan
Al Shamal Islamic Bank
Saudi Sudanese Bank
Arab Sudanese Bank
Export Development Bank
SYRIA
37
Banque Centrale de Tunisie
Societe Tunisienne de Banque
Banque Internationale Arabe de Tunisie
Banque Nationale Agricole
Arab Tunisian Bank
Amen Bank
Attijari Bank
Arab Banking Corporation (Tunisie)
Al Baraka Bank - Tunisia
NATIONAL AGENCIES
IRAQ
Rafidain Bank
Rasheed Bank
Trade Bank of Iraq
Commercial Bank of Iraq
Kurdistan International Bank for Investment and Development
National Bank of Iraq
OMAN
National Bank of Oman (S.A.O.G.)
Oman Development Bank (S.A.O.G.)
Bank Muscat (S.A.O.G.)
Bank Dhofar (S.A.O.G.)
Oman International Bank (S.A.O.G.)
Oman Arab Bank (S.A.O.G.)
Bank Sohar (S.A.O.G.)
Ahli Bank (S.A.O.G.)
QATAR
Al Ahli Bank Q.S.C.
The Commercial Bank of Qatar Q.S.C.
Doha Bank Q.S.C.
Qatar Development Bank
Qatar National Bank Q.S.C.
Qatar Islamic Bank
Qatar International Islamic Bank
KUWAIT
The Gulf Bank
National Bank of Kuwait
Commercial Bank of Kuwait
Al-Ahli United Bank - Kuwait
Burgan Bank
Al Ahli Bank of Kuwait
Boubyan Bank
Kuwait International Bank
The Arab Investment & Export Credit Guarantee Corporation
Commercial Bank of Syria
International Bank for Trade and Finance
Byblos Bank Syria S.A.
Arab Bank Syria S.A.
Audi Bank – Syria S.A.
38
ANNUAL REPORT 2014
ANNUAL REPORT 2014
NATIONAL AGENCIES
LEBANON
LIBYA
39
Credit Libanais S.A.L.
Banque du Liban et d’Outre-Mer S.A.L.
Byblos Bank S.A.L.
Fransabank S.A.L.
Bank of Beirut S.A.L.
Banque Libano-Francaise S.A.L.
Banque Audi S.A.L. -Audi Saradar Group
Lebanon & Gulf Bank S.A.L.
First National Bank S.A.L.
Jamal Trust Bank S.A.L.
Syrian Lebanese Commercial Bank S.A.L.
Banque du Liban
Ministry of Finance
IBL Bank S.A.L.
Bank Bemo S.A.L.
Societe Generale de Banque au Liban
Bank of Beirut & the Arab Countries S.A.L.
BLC Bank S.A.L.
Credit Bank S.A.L.
Bank Med S.A.L.
Arab Finance House S.A.L.
Lebanese Islamic Bank S.A.L.
Middle East & Africa Bank S.A.L.
Citibank, N.A.- Lebanon
Al-Baraka Bank S.A.L.
Emirates Lebanon Bank S.A.L
Banque de Credit National S.A.L.
Libyan Foreign Bank
Bank of Commerce & Development
The Agricultural Bank
Gumhouria Bank
NATIONAL AGENCIES
EGYPT
Export Development Bank of Egypt
Banque Misr
National Bank of Egypt
Bank of Alexandria
Misr Iran Development Bank
Commercial International Bank (Egypt)
Arab Banking Corporation – Egypt
Qatar National Bank AlAhli (Egypt), (formerly National Societe
Generale Bank)
Arab Investment Bank
Ahli United Bank (Egypt)
Abu Dhabi Islamic Bank (Egypt), (formerly National Bank for
Development)
Suez Canal Bank
Banque du Caire
Societe Arabe International de Banque
Arab African International Bank
National Bank of Kuwait, (formerly Al Watany Bank of Egypt)
Central Bank of Egypt
Al Baraka Bank – Egypt
Banque Audi S.A.E.
Union National Bank-Egypt
Arab International Bank
MOROCCO
Banque Marocaine du Commerce Exterieur
Banque Centrale Populaire
Attijariwafa Bank
Ministry of Economy and Finance
Societe Generale Marocaine de Banques
MAURITANIA
Banque Mauritanienne pour le Commerce International
Bank Nationale de Mauritanie
Generale de Banque de Mauritanie (Investment & Commerce)
Banque pour le Commerce et I’Industrie
Banque Al-Wava Mauritanienne Isalamique
Banque Al Amana pour le Developpement et le Logement
Banque Centrale de Mauritanie
40
ANNUAL REPORT 2013
NATIONAL AGENCIES
41
YEMEN
The Yemen Bank for Reconstruction And Development
Yemen Commercial Bank
International Bank of Yemen
Arab Bank P.L.C.
The Yemen & Kuwait Bank for Trade & Investment
Tadhamon International Islamic Bank
National Bank of Yemen
Cooperative and Agricultural Credit Bank
PALESTINE
Palestine Investment Bank
Al-Quds Bank for Investment & Development
The Arab Bank P.L.C.
Palestinian Banking Corporation
FRANCE
Union de Banques Arabes et Francaises – U.B.A.F.
MALTA
First International Merchant Bank P.L.C.
UNITED KINGDOM
British Arab Commercial Bank
Jordan International Bank P.L.C.
National Bank of Egypt (UK) Limited
BRAZIL
Banco ABC Brasil S.A.
BELGIUM
Byblos Bank Europe S.A.
42
ANNUAL REPORT 2014
www.atfp.org.ae

Annual Report 2014 - Arab Trade Financing Program

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