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World Trade Centers Association Participates in 2022 CIFTIS and CIFIT, Two Leading International Fairs in Trade and Investment in China, to Provide Access to the Chinese Market for its Global Network

BEIJING and XIAMEN, China, Sept. 15, 2022 /PRNewswire/ — The World Trade Centers Association® (WTCA®) — a global network of more than 300 highly-connected, mutually supportive businesses and organizations — recently...

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First OPEC Fund Development Forum commits to mobilize funds to address global challenges

VIENNA, June 24, 2022 /PRNewswire/ — Development partners attending the OPEC Fund’s Development Forum in Vienna this week demonstrated their resolve to address urgent global challenges by entering new commitments for financial support and signing cooperation agreements.

 

OPEC Fund and the Republic of Kosovo signed the "Framework Agreement for Private Sector Operations." Pictured from left to right: Tareq Alnassar, Assistant Director-General, Private Sector & Trade Finance Operations; Hekuran Murati, Minister of Finance, Labor and Transfers of the Republic of Kosovo; Dr. Abdulhamid Alkhalifa, OPEC Fund Director-General; Violet Onyemenam, General Counsel OPEC Fund.
OPEC Fund and the Republic of Kosovo signed the “Framework Agreement for Private Sector Operations.” Pictured from left to right: Tareq Alnassar, Assistant Director-General, Private Sector & Trade Finance Operations; Hekuran Murati, Minister of Finance, Labor and Transfers of the Republic of Kosovo; Dr. Abdulhamid Alkhalifa, OPEC Fund Director-General; Violet Onyemenam, General Counsel OPEC Fund.

 

Signings and announcements included the following:

  • The OPEC Fund and the Republic of Kosovo signed a “Framework Agreement for Private Sector Operations,” which aims to strengthen the private sector in Kosovo with a focus on infrastructure, connectivity, energy and water. OPEC Fund Director Dr. Abdulhamid Alkhalifa had visited Kosovo in June and expressed the ambition to deepen the partnership.
  • The Asian Development Bank and the OPEC Fund launched a trust fund to improve project readiness in developing countries. As a first contribution, the OPEC Fund is committing US$3 million to the fund, which will provide technical assistance to improve the delivery of investment projects through enhanced preparation, design, and procurement.
  • The OPEC Fund and the regional South American development bank FONPLATA signed a “Cooperation Agreement” to broaden and deepen the partnership through more co-financing of strategic projects in the Latin America and Caribbean region, where FONPLATA operates.
  • The OPEC Fund is teaming up with the UN Capital Development Fund (UNCDF) and Sustainable Energy for All (SEforALL) to design and deliver a new Climate Finance and Energy Innovation Hub, which is set to be launched at the UN climate conference COP27 in Egypt in November. Designed as a global end-to-end policy and finance platform, this hub will harness the power of financial innovation to source, unlock, de-risk and scale-up investments in energy access and transition. Recognizing the crucial role of clean cooking the OPEC Fund is earmarking US$100 million in support of relevant projects in DRC, Madagascar, Malawi, and Rwanda as part of the initiative.
  • The International Renewable Energy Agency (IRENA) and the OPEC Fund signed a Memorandum of Understanding to facilitate access to innovative financing solutions, unlock investment and support project development to advance renewable energy investment and enable access to sustainable finance in emerging and developing economies.

OPEC Fund Director-General Dr. Alkhalifa said: “These new commitments and signings are a declaration of our intent to join forces in the face of unprecedented challenges. One clear takeaway from our event was the need for urgent, targeted and joint action in areas such as climate change, energy access and food supply. We are very encouraged by the success and positive momentum generated at our Forum which provides the energy to move forward swiftly and forcefully.”

The OPEC Fund Development Forum “Driving Resilience & Equity” gathered government leaders, ministers from OPEC Fund member and partner countries, heads of the Arab Coordination Group institutions, senior officials of multilateral development banks and international organizations as well as private sector representatives. The event included panels on “Climate Challenges vs Energy Needs – Development Perspectives,” “Innovations that Enable a Smart Energy Future,” and “Turning Public Ambition into Effective Action,” and closed with a conversation on “South-South Co-ownership in Development Progress.”

The date of the 2023 OPEC Fund Development Forum will be announced shortly.

About the OPEC Fund

The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established by the member countries of OPEC in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$22 billion to development projects in over 125 countries with an estimated total project cost of US$187 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA/Positive Outlook by S&P in 2021. Our vision is a world where sustainable development is a reality for all.

 

The Asian Development Bank and the OPEC Fund launched a trust fund to improve project readiness in developing countries. Pictured from left to right: Ahmed M. Saeed, ADB Vice-President for the East Asia Department, the Southeast Asia Department, and the Pacific Department; Eugene Zhukov ADB Director General for Central and West Asia; Dr. Abdulhamid Alkhalifa, OPEC Fund Director-General; Violet Onyemenam, General Counsel OPEC Fund.
The Asian Development Bank and the OPEC Fund launched a trust fund to improve project readiness in developing countries. Pictured from left to right: Ahmed M. Saeed, ADB Vice-President for the East Asia Department, the Southeast Asia Department, and the Pacific Department; Eugene Zhukov ADB Director General for Central and West Asia; Dr. Abdulhamid Alkhalifa, OPEC Fund Director-General; Violet Onyemenam, General Counsel OPEC Fund.

 

The OPEC Fund and the regional South American development bank FONPLATA. Pictured from left to right: Mr. Juan Enrique Notaro Fraga, Executive President FONPLATA; Dr. Abdulhamid Alkhalifa, OPEC Fund Director-General.
The OPEC Fund and the regional South American development bank FONPLATA. Pictured from left to right: Mr. Juan Enrique Notaro Fraga, Executive President FONPLATA; Dr. Abdulhamid Alkhalifa, OPEC Fund Director-General.

 

The OPEC Fund, UNCDF & SEforALL announce the launch of a Climate Finance and Energy Innovation Hub at the OPEC Fund Dev Forum. Pictured from left to right: Shaimaa Al-Sheiby, OPEC Fund Senior Director, Strategic Planning & Economic Services; Damilola Ogunbiyi, CEO of SEforALL; Preeti Sinha, Executive Secretary UNCDF; Lerato Mbele, Journalist.
The OPEC Fund, UNCDF & SEforALL announce the launch of a Climate Finance and Energy Innovation Hub at the OPEC Fund Dev Forum. Pictured from left to right: Shaimaa Al-Sheiby, OPEC Fund Senior Director, Strategic Planning & Economic Services; Damilola Ogunbiyi, CEO of SEforALL; Preeti Sinha, Executive Secretary UNCDF; Lerato Mbele, Journalist.

 

International Renewable Energy Agency (IRENA) and the OPEC Fund signed a Memorandum of Understanding. Pictured from left to right: Francesco La Camera, IRENA Director-General; Dr. Abdulhamid Alkhalifa, OPEC Fund Director-General.
International Renewable Energy Agency (IRENA) and the OPEC Fund signed a Memorandum of Understanding. Pictured from left to right: Francesco La Camera, IRENA Director-General; Dr. Abdulhamid Alkhalifa, OPEC Fund Director-General.

 

OPEC Fund Development Forum, Hofburg, Vienna.
OPEC Fund Development Forum, Hofburg, Vienna.

 

 

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IFF Kicks off Annual Green Finance Award Selection on World Environment Day

BEIJING, June 5, 2022 /PRNewswire/ — The International Finance Forum (IFF) will start accepting applications for the annual IFF Global Green Finance Award, from June 5, which is also the World Environment Day.

Echoing the theme of World Environment Day ,”Only One Earth”, which stresses on  the need to change through policy changes and our choices to live in harmony with nature in a sustainable way, the IFF Global Green Finance Award is targeting  applicants offering green financial solutions that promote the transformation of economic growth modes, contribute to pollution prevention and control and address climate change, as well as improve energy efficiency, energy conservation and emission reductions. This year’s award is a global call for innovations and application practices in policy, system, industry, services, technology and talent building.

The Earth is our only home, and we must protect its limited resources. Unsustainable consumption and production are contributing to climate change, natural degradation and biodiversity loss, as well as pollution and waste crisis. All of these issues intersect and overlap, seriously jeopardizing the future of the planet.

 Natural resources are the basis for most goods, services and facilities, and the foundation that supports our economy. However, the linear “take-make-dispose” model is driving the global economy while consuming vast amounts of natural resources. Nature is in the “emergency mode” and we have little time left.

To limit global warming to 1.5°C this century, we must ensure that annual global greenhouse gas emissions are cut in half by 2030. However, due to the ongoing impact of the COVID-19 pandemic over the past three years and the recent intense geopolitical turmoil in the world, economies around the globe are sliding to the brink of economic and energy crises. We must take urgent action to address the looming crisis. However, all these require strong financial support.

Faced with the dual challenges of climate change and global economic crisis, green finance has become strong tool that countries around the world are striving to promote. Many pioneering practices and attempts have been made in terms of policies, systems, industries, and human resources development. It is crucial to promote these successful best practices globally and accelerate the popularization of green finance in order to promote green growth and sustainable development.

The IFF Global Green Finance Award was launched by the IFF in 2020, and is judged by a panel of 25 globally influential and authoritative financial leaders and elites from the financial and environmental sectors. In 2022, the award will include 10 Innovation Awards for innovative projects and 10 Annual Awards for institutions. 

Annual Awards for Institutions are granted to institutions that have made outstanding contributions to global, regional or national sustainable development through green finance practices, including achieving carbon peak and carbon neutrality, addressing climate change and biodiversity conservation. The green finance business of the institutions must be sustainable and profitable.

Innovation Awards for Innovative Projects are granted to projects that demonstrate significant innovation in the field of green finance, in particular those that have made significant contributions to achieving carbon peak and carbon neutrality, addressing climate change and promoting biodiversity conservation.

Any institution that carries out activities which foster green finance development and produce real benefits are eligible to apply for the Awards, including public, private and non-profit organizations.

“Finance is a resilient and effective tool to foster sustainable development, and green finance is going to play an increasingly important role. The winners of ‘the IFF Global Green Finance Innovation Award’ are pioneers, initiators and advocators of green and low-carbon industries. They guide the flow of green investments to the sustainable development sector,” said Han Seung-soo, chairman of the Jury Committee, IFF co-chairman, the 56th president of UN General Assembly and former prime minister of Republic of Korea.

“‘The IFF Global Green Finance Innovation Award’ will continue to push forward the development of green finance and support a sustainable world with shared benefits for the mankind.”

 The IFF has been highly praised by the United Nations and several international organizations and widely recognized for its important role in promoting the practice of green and sustainable development by financial institutions. In the annual reports and CSR reports disclosed by Chinese financial institutions in 2022, Bank of China, China Securities, Postal Savings Bank of China, Industrial and Commercial Bank of China, Bank of Qingdao, Industrial Bank and Huaxia Bank, among others, have announced the award to the public as an important achievement in strictly fulfilling their social responsibility and vigorously developing green finance. In addition to promoting the practice of green finance by financial institutions, the IFF Global Green Finance Award also plays an active role in helping local governments to implement the dual carbon goals.

The International Finance Forum (IFF) is an independent, non-profit, non-governmental international organization founded in Beijing in October 2003, and established by financial leaders from G20 countries, emerging markets and international organizations including China, the United States, the European Union and the United Nations, the World Bank and the IMF. IFF is a long-standing, high-level platform for dialogue and communication, as well as a research network in the financial realm, and has been upgraded to F20 (Finance 20) status.

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CIIE gearing up for its fifth edition

SHANGHAI, June 10, 2022 /PRNewswire/ — The fifth China International Import Expo will take place from November 5-10 this year.

The fifth China International Import Expo will take place from November 5-10 this year.
The fifth China International Import Expo will take place from November 5-10 this year.

Buoyed by its opening-up policy, continuous optimization of the business environment and strong economic resilience, China will remain a hot investment destination in the years to come, said global experts at the World Economic Forum (WEF) 2022 in Davos, Switzerland.

China’s stable economic growth is of great significance to a global recovery, WEF President Borge Brende said in a recent interview. “So long and medium term, I’m quite bullish on China’s economy,” said the president.

In addition to China’s own economic size, business leaders also agreed that China’s approach and commitment to globalization also matter. Chinese leaders have repeatedly reaffirmed commitment to economic globalization and free trade, including during speeches at the WEF.

A major platform for international procurement, investment promotion, cultural exchanges and open cooperation, the China International Import Expo (CIIE) has been successfully held for four consecutive years and is widely regarded as an international public good for economic globalization and multilateral trading system, as well as a pivotal carrier for building an open world economy and a community with a shared future for mankind.

Since its inception in 2018, the expo has been growing in scale and influence. For example, the area of its business exhibition increased from 270,000 square meters in 2018 to 366,000 square meters in 2021, while the first three editions have helped channel about $30.5 billion in foreign investment into 622 projects.

According to a report on the business exhibition of the fourth CIIE, which took place from November 5-10, 2021, more than 2,900 companies from 127 countries and regions participated in the exhibition. Among them, 622 companies are from countries along the Belt and Road while 125 are from Central and Eastern Europe and 87 are from Africa. Companies from about 30 least developed countries were provided with free booths at the fourth CIIE.

The report also shows that 274 industry-leading companies, some of which are on the Global 500 list, attended last year’s expo. During the fourth CIIE, $70.72 billion worth of tentative deals were clinched.

As the CIIE enters its fifth year, multinational exhibitors have continued to express hope in participating in the fifth edition of the trade fair in November.

At an online meeting held by the CIIE Bureau recently, 15 high-profile corporate executives from different industrial committees of the CIIE Enterprise Alliance expressed confidence in Shanghai’s anti-epidemic fight and the resilience of the Chinese market.

“Facing changes unseen in a century, we see that China has never stopped the pace of implementing opening-up when confronting challenges of the pandemic or the turbulence of the global situation. It has steadily advanced the annual CIIE, which provides broader opportunities for industry exchanges and stronger confidence,” said Jean-Christophe Pointeau, president of Pfizer Biopharmaceuticals Group China during the online meeting.

Pointeau added that Pfizer’s products became more accessible to ordinary people in China and brought benefits to many Chinese patients through the annual expo.

Despite the ongoing COVID-19 pandemic, the fifth CIIE will be held from November 5 to 10 this year as scheduled.

The CIIE Bureau recently released several favorable measures to help exhibitors overcome difficulties in production and operation caused by the COVID-19 pandemic and other factors.

For example, exhibitors that set up their own booths will be entitled to a 300-yuan ($45.14) subsidy for each square meter of their exhibition space. The subsidies, which shall be no more than the cost of setting up the booth, can be redeemed directly or used to offset booth fees at the sixth CIIE or costs incurred during the fifth CIIE, including costs for forums, activities, hotels and advertisements.

The registration deadline for the fifth CIIE has also been extended to July 31, 2022.

To date, more than 75 percent of the planned exhibition space of the 5th CIIE has been reserved. More than 250 Fortune Global 500 companies and industry leaders, as well as most of the world’s top 10 companies in the pharmaceutical, medical equipment and automobile industries have confirmed their participation in the expo.

Opening-up is the hallmark of contemporary China. The CIIE demonstrates China’s resolve to expand high-level opening up, share development opportunities with the world and make economic globalization more open, inclusive, balanced and beneficial for all.

It is time to seize the myriad opportunities in the Chinese market through the CIIE. Be sure to sign up for the fifth edition this year. Click here to register: https://www.ciie.org/exhibition/f/book/register?locale=en&from=enpress

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