The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, today was announced as a successful bidder at the Voluntary Carbon Market Initiative Auction on the First day of the 6th Edition of the Future Investment Initiative (“FII”) in Riyadh. The Public Investment Fund (“PIF” or the “Fund”) announced the auction resulted in 1.4 million tons of carbon credits, in the largest-ever carbon credit sale, according to their resources.
ITFC was among other 15 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 financing and development of sustainable trade, as well as supporting OIC members countries efforts in addressing climate change challenges, noting that the credit basket contains units generated by clean and sustainable energy projects in OIC member countries”.
It is worth noting that the VCM initiative is a continuation of PIF’s efforts to support Saudi Arabia’s green agenda and follows previous announcements by the Fund, including the completion of its US$ 3 billion inaugural green bond, and the various renewable projects PIF is spearheading as part of its commitment to developing 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 (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socio-economic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided US$66 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.
