ITFC) commits to cooperate on SDGs and Climate Change

Thursday, November 16, 2017

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. Where a panel Discussion was organized with,The United Nations Conference on Trade and Development (UNCTAD), and United Nations Development Programme (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 Bonn, Germany, 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, Eng. 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 the lights 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 US$5 trillion in 1994 to about US$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, Eng. Al Thekair highlighted the strong role ITFC playing in the international trade industry, “ITFC cumulative trade finance reached US$36 billion from 2008 to 2016, and a total of US$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.

In conclusion, 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.”

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