"International Trade and Climate Change" Organized by ITFC in Marrakech, Kingdom of Morocco

JEDDAH, Saudi Arabia - Nov. 15, 2016 - PRLog -- The opening ceremony was chaired by General Secretary of Minister of Trade and Industry of Morocco, Eng. Hani Salem Sonbol, Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC) and Mr. Roberto Azevedo, Director General WTO.

Highlighting the importance of this key theme of the seminar, Eng. Hani Salem Sonbol said: "This is the first time that ITFC is addressing the subject of climate change impact on trade". In this regard, he added, "there is a complex relation between trade and climate change, especially in IDB member countries", emphasizing that the "agricultural sector, which is a primary source for the development of economy in these countries, is the most vulnerable sector to climate change".

Theseminar brought together experts to discuss a number of ways in which International Trade could be supportive to the global efforts to reduce climate change impact. These experts also highlighted the importance of Sustainable Trade Finance and the means to collaborate with the member countries in these efforts.

The seminar's second panel shed the light on the efforts launched by MDBs and International Financial Institutions to adapt their financial instruments to meet the increasing demands of Business and Consumer societies for social and environmental sustainability.

The speakers included representatives from international organizations such as the United Nations Conference on Trade and Development (UNCTAD), the International Trade Centre (ITC), the Islamic Development Bank (IDB) and Cambridge Institute for Sustainable Leadership, in addition to representatives of international financial institutions and leading initiatives in the field of trade and environmental protection standards.

ITFC has extensive experience in providing trade development in developing countries. It can boast comparative advantages, which facilitates the involvement of major stakeholders in the promotion of international trade, which is facing climate change.

It is worth noting that the Kingdom of Morocco was delegated during COP21, held in 2015 in Paris, to host the COP22, for its prominent role in sustainable development and environment protection.

About ITFC

The International Islamic Trade Finance Corporation is an autonomous entity within the Islamic Development Bank Group. It was created with the purpose of advancing trade, which would ultimately contribute to the overarching goal of improving socioeconomic condition of the people across the world. ITFC has since consolidated all the trade finance businesses that used to be handled by various windows within IDB Group. It commenced operations in Muharram 1429H (January 2008G). 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.

As a leader in Sharia-compliant trade finance, ITFC deploys its expertise and funds to businesses and governments in its Member Countries. Its primary focus is to encourage more intra-trade among OIC Member Countries. As a member of IDB Group, ITFC has unique access to Member Countries' governments and it works as a facilitator to mobilize private and public resources towards achieving its objectives of fostering economic development through trade. The Corporation helps entities in Member Countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools in order to help them compete successfully in the global market.