ITFC to hold seminar on international trade and climate change

UNDER the theme of climate change and its impact on trade, the International Islamic Trade Finance Corporation (ITFC) and the Islamic Development Bank (IDB) in collaboration with the Ministry in Charge of Foreign Trade in the Kingdom of Morocco, will hold a seminar on “International Trade and Climate Change” on Monday, Nov. 14, in COP22 Green Zone, Marrakech. The seminar will take place on the sidelines of the United Nations Conference for Climate Change (COP22), held between Nov. 7-18 in Marrakech, Morocco, where the opening will be under the auspices of the Ministry in Charge of Foreign Trade delegated to the Minister of Industry, Trade and Investment and the Digital Economy, Hani Salem Sonbol, chief executive officer of the International Islamic Trade Finance Corporation (ITFC) and Roberto Azevedo, Director General WTO. The seminar will shed light on how international trade helps in reducing the climate change impact and financial instruments that contribute to sustainable trade finance. The speakers include representatives from international organizations such as United Nations Conference on Trade and Development (UNCTAD), the International Trade Centre (ITC), the Islamic Development Bank, Portnet Morocco, Africa Exim Bank, in addition to representatives of international financial institutions and leading initiatives in the field of trade and environmental protection standards. The Kingdom of Morocco’s was delegated during COP21, held in November 2015 in Paris, to host the COP22, for its prominent role in sustainable development and sustainable energy. For this occasion, Hani Salem Sonbol said: “This is the first time that ITFC addresses the subject of climate change impact on trade given the extreme importance of this subject, including its major impact on trade finance operations, especially in sectors like agriculture and food security. A large number of our Member Countries depend on the agricultural sector as their primary source for the development of economy, which is the most vulnerable sector to climate change. ITFC looks forward to work together with its Member Countries and its partners in the region to achieve its goal with regard to International Sustainable trade promotion. We invite everyone to join us to insure the success of this important step.” The International Islamic Trade Finance Corporation is an autonomous entity within the Islamic Development Bank Group created with the purpose of advancing trade, which would ultimately contribute to the overarching goal of improving socioeconomic condition of the people across the Islamic world. ITFC has consolidated all the trade finance businesses that used to be handled by various windows within IDB Group. It commenced operations in Muharram 1429H (January 2008). The consolidation of IDB Group’s trade finance activities under a single umbrella enhanced the Corporation’s efficiency in service delivery by responding swiftly to customer needs in a market-driven business environment. — SG