BUSINESS

ITFC commits to cooperate on SDGs and climate change

November 17, 2017
Eng. Nasser Al-Thekair, general manager, trade & business development of ITFC, speaking at the session ion Bonn. — Courtesy photo
Eng. Nasser Al-Thekair, general manager, trade & business development of ITFC, speaking at the session ion Bonn. — Courtesy photo

THE International Islamic Trade Finance Corporation (ITFC), and Islamic Development Group (IDB) have committed to work more closely with all stakeholders from international organization, governments, private sector, civil society and youth to support the achievement of the proposed Sustainable Development Goals (SDGs) including climate change.

This was revealed in a panel discussion organized by the United Nations Conference on Trade and Development (UNCTAD), and United Nations Development Program (UNDP), during the COP23 – Trade, Transport, and Climate Change forum, held in Bonn, Germany.

This was announced by Eng. Nasser Al-Thekair, general manager, trade & business development of ITFC, during his deliverable statement at the meeting in here for the 23rd annual “conference of the parties” (COP) under the UN Framework Convention on Climate Change (UNFCCC).

Speaking at the meeting where representatives of nearly 200 countries attended, Al Thekair said, “The Islamic Development Bank Group has adopted a new Climate Change Policy aimed toward supporting our member countries in realizing their Nationally Determined Contributions (NDC) to Paris Agreement. Recently, the bank conducted a reorganization, which resulted, among other things, in the creation of a new structure dedicated to climate adaptation.”

Shedding light on the current international trade status, he affirmed that international trade has been for centuries a key driver of global economic growth. He said, “The past decades have been particularly marked by an unprecedented and substantial expansion of international trade, rising from $5 trillion in 1994 to about $24 trillion today.”

He pointed out that the IDB Group always gives special emphasis to regional projects and for the promotion of intra trade and intra investment.

“For this purpose, among other things ITFC champions flagship Trade Programs like the Arab Africa Trade Bridge (AATB) Program that seeks to enhance and increase trade between the two regions,” he said.

Furthermore, Al Thekair highlighted the strong role ITFC is playing in the international trade industry. “ITFC cumulative trade finance reached $36 billion from 2008 to 2016, and a total of $64 billion including IDB historical trade finance activities. ITFC is directly contributing to the achievement of eleven Sustainable Developments Goals (SDGs) and we are embracing climate action as one of our top priorities,” he stated.

Al Thekair said, “By reiterating the commitment of the International Islamic Trade Finance Corporation, and the entire IDB Group, to support the achievements of the Sustainable Development Goals, including Climate Action. We also extend our hands for building of partnerships and continued cooperation to materialize the SDGs.” — SG


November 17, 2017
151 views
HIGHLIGHTS
BUSINESS
hour ago

Xiaomi: Chinese smartphone giant taking on Tesla

BUSINESS
14 hours ago

Saudi National Bank appoints Tareq Al Sadhan as new CEO

BUSINESS
8 days ago

Chauffeur Services zoom ahead as tourism in Riyadh & Jeddah hits new peaks