The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IDB) Group, was announced today as the successful bidder in the Voluntary Carbon Market Initiative auction on the first day of 6e Edition of the Future Investment Initiative (“FII”) in Riyadh. The Public Investment Fund (“PIF” or the “Fund”) announced that the auction generated 1.4 million tonnes of carbon credits, the largest sale of carbon credits ever, according to their resources.
ITFC was among 15 other Saudi and regional entities, where Eng. Hani Salem Sonbol, CEO of ITFC, received a certificate from Mr. Yazeed Al-Humied, Deputy Governor and Head of MENA Investments during the closing ceremony.
Eng. Sonbol on this occasion commented, “This is a remarkable achievement for ITFC towards innovation in green trade finance and sustainable trade development, as well as supporting the efforts of OIC member countries to meet the challenges of change climate change, noting that the credit basket contains units generated by clean and sustainable energy projects in OIC member countries”.
It should be noted that the VCM initiative is a continuation of the PIF’s efforts to support Saudi Arabia’s green program and follows the Fund’s previous announcements, including the completion of its inaugural 3 billion US dollars, and the various renewable energy projects that PIF is leading as part of its commitment to develop 70% of Saudi Arabia’s renewable energy capacity, in line with Vision 2030.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
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About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overriding objective of improving the socio-economic conditions of people across the globe. Commencing operations in January 2008, ITFC has provided $66 billion in financing to OIC member countries, making it the leading provider of business solutions for the needs of these member countries. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation assists entities in member countries to gain better access to trade finance and provides them with the necessary capacity building tools. trade-related capabilities, which would enable them to successfully compete in the global marketplace.