The International Islamic Trade Finance Corporation (ITFC), a private sector arm of the Islamic Development Bank Group (IDB), has committed to work more closely with all stakeholders — international organizations, governments, the private sector, civil society and youth — to achieve Sustainable Development Goals (SDGs) including climate change.
This was announced by Nasser Al-Thekair, general manager, trade and business development of ITFC during a meeting in Bonn, Germany at COP23.
Speaking at the meeting of representatives from nearly 200 countries, Al-Thekair said: “The Islamic Development Bank Group has adopted a new ‘climate change policy’ aimed at supporting our member countries in realizing their Nationally Determined Contributions (NDC) to the Paris Agreement. Recently, the bank conducted a reorganization, which resulted, among other things, in the creation of a new structure dedicated to climate adaptation.”
Highlighting the importance of international trade as 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 attaches special importance to regional projects.
“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.
Al-Thekair also highlighted the strong role ITFC is playing in the international trade industry.
“ITFC’s 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 11 Sustainable Developments Goals (SDGs) and we are embracing climate action as one of our top priorities,” he stated.
This was announced by Nasser Al-Thekair, general manager, trade and business development of ITFC during a meeting in Bonn, Germany at COP23.
Speaking at the meeting of representatives from nearly 200 countries, Al-Thekair said: “The Islamic Development Bank Group has adopted a new ‘climate change policy’ aimed at supporting our member countries in realizing their Nationally Determined Contributions (NDC) to the Paris Agreement. Recently, the bank conducted a reorganization, which resulted, among other things, in the creation of a new structure dedicated to climate adaptation.”
Highlighting the importance of international trade as 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 attaches special importance to regional projects.
“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.
Al-Thekair also highlighted the strong role ITFC is playing in the international trade industry.
“ITFC’s 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 11 Sustainable Developments Goals (SDGs) and we are embracing climate action as one of our top priorities,” he stated.
