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ITFC Provided $50 Billion to Beneficiaries in 12 Years

A dialogue session at the forum organized by ITFC
A dialogue session at the forum organized by ITFC
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ITFC Provided $50 Billion to Beneficiaries in 12 Years

A dialogue session at the forum organized by ITFC
A dialogue session at the forum organized by ITFC

The International Islamic Trade Finance Corporation (ITFC) announced that the volume of funding for trade provided over the past 12 years amounted to $50 billion, covering 750 beneficiaries throughout the Islamic world and including dozens of economic activities.
 
The announcement was made at the end of a forum organized by the ITFC, a member of the Islamic Development Bank Group, on Thursday.
 
Hani Salem Sunbol, CEO of the Corporation, said that the funds were allocated to government and public institutions, banks, private sector companies and SMEs.
 
He noted that these funds contributed to improving the lives of individuals from all walks of life, including farmers, workers, traders and people living in poverty in 51 member states in the Middle East, North Africa, sub-Saharan Africa, South Asia and the Commonwealth of Independent States.
 
Saudi Arabia has been a true supporter of the Corporation’s 12 years of operation, Sunbol said, given its position as the largest sponsor of the Bank.
 
Dr. Bandar Hajjar, President of the Islamic Development Bank Group, said that the Bank and its institutions, including the International Islamic Trade Finance Corporation (ITFC), were based on many pillars, including building and strengthening strategic partnerships with all banks, financial and development institutions and international organizations, whose interests and actions intersect with the Group’s activities.
 
Hajjar explained that this forum would provide an opportunity for dialogue and exchange of experiences between partners on the challenges and developments at various levels, which have a major impact on international trade.
 
He added that development activities carried out by the Corporation were contributing to the achievement of development plans in member states and to the realization of the United Nations Sustainable Development Goals.

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Saudi Arabia Launches Carbon-Trading Market Platform to Finance to High Quality Climate Projects

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia Launches Carbon-Trading Market Platform to Finance to High Quality Climate Projects

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

Saudi Arabia launched on Tuesday a carbon-trading market, a day after climate negotiators secured a major breakthrough by agreeing rules for a UN-administered global emissions market.

In a statement, Saudi Arabia's Regional Voluntary Carbon Market Company (RVCMC) said 22 Saudi and international businesses are participating in the platform. They are Alpha Star, Aramco Trading Company, Eastern Province Cement Company, Energroup Limited, flynas, Gulf International Bank (GIB), Golf Saudi, International Islamic Trade Finance Corporation (ITFC), Saudi Aramco Base Oil Company Luberef, Ma’aden, the Public Investment Fund (PIF), Red Sea Global (RSG), SAB, SABIC, Saudi Top Plastic Factory, SCB Environmental Markets SA, Saudi Electricity Company (SEC), SNB, SOCAR, Valitera, Yamama Cement Company and Yanbu Cement Company.

The launch of the platform is a major milestone in Saudi Arabia’s ambition to become one of the largest voluntary carbon markets in the world by 2030.

Its first voluntary credits auctioned will be from projects in the Global South, including Bangladesh, Brazil, Ethiopia, Malaysia, Pakistan and Vietnam.

The platform aims to scale up the supply and demand of high-quality carbon credits across the Global South and beyond, driving funding to climate projects that require finance, supporting the transition to global net zero emissions, the statement said.

To mark the launch, RVCMC is hosting inaugural transactions on the exchange platform starting Tuesday, auctioning over 2.5 million tons of high-quality carbon credits, it added.

The basket of credits connects buyers with 17 climate projects from across the world and to support Saudi Arabia’s carbon neutrality goals.

The platform is designed to meet market requirements for a transparent, scalable and increasingly liquid marketplace, by offering institutional grade infrastructure, to enable fast and secure transactions, price and data discovery for carbon credit projects, key to growing the market globally and providing a price signal on projects from MENA regions, open market connectivity, integrated with leading global registries, scope to develop specialized infrastructure for trade in carbon credits to enable Islamic Finance and auction market, RFQ and block trade functionality today, followed by spot market and other functions launching in 2025.

Speaking at the COP29 United Nations Climate Change Conference in Baku, Riham ElGizy, RVCMC’s Chief Executive Officer, said: “The message coming into COP is clear: To accelerate global decarbonization we must unlock financial flows to critical climate projects on an enormous scale.”