ICD, Arab Tourism Organization Sign Memorandum of Understanding and Cooperation

The Executive Director of the Islamic Corporation for the Development of the Private Sector (ICD), Ayman Amin Sejiny, and the Assistant Secretary-General of the Arab Organization for Tourism (ATO), Khaled Murad Reda, signed a memorandum of understanding (MoU) aimed at establishing a general framework for the development of cooperation and coordination between ICD and ATO.

The MoU will contribute to the development of the tourism sector in the Arab region, especially in the least developed countries, in order to finance tourism projects throughout the Arab world.

The Executive Director of ICD said that this memorandum comes in implementation of ICD’s strategy that aims to finance investment projects and support activities related to capacity-building.

For his part, President of ATO Dr. Bandar Al Fahid noted that through the memorandum, many programs, benefiting and supporting the tourism industry in the Arab world will be provided, adding that the MoU included an executive plan for several activities and projects that will be designed in the near future. The activities of the executive plan also include benefiting from the organization’s strategic partners in preparing advisory studies for financing projects, in addition to participating in investment, local and social funds in order to develop local communities and create sustainable tourism.