ATO, Iraq’s International Development Bank ink cooperation agreement

The Arab Tourism Organization has signed a cooperation agreement with the International Development Bank in Iraq to boost tourism in the region, Saudi Press Agency reported on Saturday.

The agreement was signed by ATO President Bandar bin Fahd Al-Fuhaid and Dr. Ziad Khalaf Abdul Karim, chairman of the bank’s board of directors, to develop a Visa prepaid travel card and fund tourism initiatives in Arab countries.

Al-Fuhaid said that the ATO plans to invest $1 billion in tourist projects across the region over the next two years through the Itqan tourist Development Fund in Jeddah.

The organization is particularly concerned with the development of rural tourism, he said.

Al-Fuhaid emphasized the important role that Arab governments play in promoting the tourism sector. He thanked Saudi Arabia’s King Salman and Crown Prince Mohammed bin Salman for their support for collective Arab action by establishing ATO headquarters in Jeddah.

Khalaf said that the International Development Bank seeks to provide financial solutions that meet the needs of clients in the region, including companies, small and medium-sized enterprises, and individuals, through its global network of correspondent banks and affiliated institutions.