Latest news with #economic resilience
Zawya
13 minutes ago
- Business
- Zawya
ITFC reports strong results and sustainability progress in 2024 Annual Development Effectiveness Report
JEDDAH, Kingdom of Saudi Arabia -- The International Islamic Trade Finance Corporation (ITFC) ( a member of the Islamic Development Bank (IsDB) Group, announced the release of its 2024 Annual Development Effectiveness Report (ADER). The ADER serves as an essential reporting and transparency tool, enabling ITFC to measure, communicate, and continually refine its strategies and interventions for achieving sustainable development outcomes. The 2024 report highlights ITFC's expanding role as a driver of sustainable trade, economic resilience, and inclusive growth across its member countries. 'The ADER showcases ITFC's ability to provide innovative, impactful solutions that address the complex needs of our member countries,' said Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC. 'While we celebrate key milestones, we are also assessing our interventions to ensure we continue advancing toward a more inclusive, resilient, and sustainable future.' Key Highlights of 2024 ADER In 2024, ITFC delivered tangible results, demonstrating its focus on resilience and economic inclusion. The key highlights include: Filling Trade Finance Gaps. ITFC allocated US$2.66 billion, 38% of its total portfolio, to LDMCs, supporting inclusive growth. Additionally, US$268 million directly benefited over 380,000 smallholder farmers, enabling the procurement of 840,000 metric tons of local agricultural products. Securing Critical Supply Chains. Disbursements to the energy sector amounted to US$4 billion, bringing reliable electricity to approximately 13.8 million households. Food security interventions provided over 5.6 million metric tons of essential commodities worth US$1.45 billion, benefiting more than 30 million households. Strengthening Private Sector Participation. ITFC financed 312 small and medium enterprises (SMEs) and corporates through partnerships with 23 financial institutions, promoting financial inclusion and economic diversification. Fostering Regional Integration. Intra-OIC trade financing reached US$4.8 billion. Through strategic programs such as the Arab Africa Trade Bridges (AATB) and the Aid for Trade Initiative for Arab States (AfTIAS), ITFC strengthened regional value chains and institutional capacities. Investing in Capacity Development. Technical assistance and training initiatives reached over 3,100 individuals, a 32% increase from the previous year, with nearly 40% women participants. Embedding Sustainability into Core Operations The Corporation adopted its first Environmental and Social (E&S) Policy and launched a Ten-Year E&S Action Plan. A new governance structure was also introduced to guide implementation, laying the foundation for more responsible trade finance operations. Empowering Growth through the SDGs ITFC made significant strides in advancing multiple Sustainable Development Goals through its trade finance and development initiatives. Its efforts have helped reduce poverty (SDG 1), strengthen food security (SDG 2), and expand access to clean and affordable energy (SDG 7). By supporting smallholder farmers, empowering local economies, and promoting intra-OIC trade, ITFC has also played a key role in fostering strong global partnerships to accelerate sustainable development across member countries (SDG 17). The 2024 ADER affirms ITFC's deepening commitment to transparency, sustainability, and measurable impact. As the Corporation looks ahead, it remains focused on bold innovation, collaborative partnerships, and leveraging Islamic finance to build a more inclusive and sustainable global trade ecosystem. Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC). Contact us: E-mail: ITFC@ Social media: Twitter: Facebook: LinkedIn: International Islamic Trade Finance Corporation (ITFC) ( About the International Trade Finance Corporation (ITFC): The International Islamic Trade Finance Corporation (ITFC) is the trade finance arm 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 more than US$83 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. SOURCE: International Islamic Trade Finance Corporation (ITFC)
Yahoo
2 hours ago
- Business
- Yahoo
Asian markets accept that free trade with the US is a thing of the past, says UOBAM
SINGAPORE, July 23, 2025 /PRNewswire/ -- Asian markets have continued to demonstrate resilience, even in the face of US tariffs. In a Special Report published today, UOB Asset Management (UOBAM) assesses that Asian markets could even rally if negotiations ahead of the new 1 August deadline result in improved rates relative to those announced in April. The implication here is that investors no longer expect a return to previous trading arrangements but are nevertheless sanguine about the region's ability to withstand moderate tariffs. Colin Ng, UOBAM's Head of Asian Equities, explains, "The majority of Asian economies are likely to recover relatively quickly from the direct impact of US tariffs. A slowdown in exports to the US can be offset by trading with other countries, and in particular, with their Asian neighbours" "This is because, on the one hand, more and more Asian companies are building globally recognisable brands, and on the other, the Asian consumer base is now large and affluent enough to absorb these products. That is why ASEAN has taken over from the US as China's biggest trading partner." The UOBAM Special Report, entitled "Will US tariffs detail Asia's growth?" looks at the short- and longer-term implications of US tariffs on seven markets in Asia, including the big exporters such as Korea, Taiwan region and Singapore as well as those more domestically-focused such as Malaysia and Indonesia. Ng warns that the risk to Asian economies comes instead from the indirect impact of US tariffs, that is. if the tariffs result in a global growth slowdown or a recession. This is turn would cause the global demand for Asian exports to shrink. However, based on the economic data released so far, Ng says this is not UOBAM's base case. Read the full report: About UOB Asset Management UOB Asset Management Ltd (UOBAM) is a wholly-owned subsidiary of United Overseas Bank Limited. Established in 1986, UOBAM has nearly 40 years of experience in managing collective investment schemes and discretionary funds in Singapore, making us among the largest unit trust managers by assets under management. As of 30 June 2025, we manage 65 unit trusts in Singapore and together with our subsidiaries, oversees S$37.6 billion in clients' assets. Headquartered in Singapore, UOBAM has a strong presence across Asia, with business and investment offices in Brunei, Indonesia, Japan, Malaysia, Thailand and Vietnam. Our network includes UOB Islamic Asset Management Sdn Bhd in Malaysia, a joint venture with Ping An Fund Management Company Limited and strategic alliances with partners such as Wellington Management Singapore. UOBAM is one of the region's most awarded asset managers, with over 380 awards won. In 2025, we were recognised as the Best Regional Asset Management Company by the Asia Asset Management and previously named Best Asset Management House in Asia – 20 Years in 2023. Our digital innovation has also earned top honours, including Best Digital Wealth Management in Asia[1] and Best Robo Advisory Initiative[2] for 3 consecutive years as of 2024. As a leader in sustainable investing, UOBAM was awarded Best application of ESG in ASEAN[3] (2023) and has received multiple sustainability accolades in Indonesia and Thailand. Our artificial intelligence capabilities were also recognised with the Most Innovative Application of Artificial Intelligence (ASEAN) for 2 consecutive years[4]. Connect with us: LinkedIn | Facebook [1] Awarded by Asia Asset Management [2] Awarded by The Digital Banker for the Global Retail Banking Innovations Award [3] Awarded by Asia Asset Management [4] As of 2025, by Asia Asset Management View original content to download multimedia: SOURCE UOB Asset Management
Zawya
18 hours ago
- Business
- Zawya
The International Islamic Trade Finance Corporation (ITFC) Reports Strong Results and Sustainability Progress in 2024 Annual Development Effectiveness Report
The International Islamic Trade Finance Corporation (ITFC) ( a member of the Islamic Development Bank (IsDB) Group, announced the release of its 2024 Annual Development Effectiveness Report (ADER). The ADER serves as an essential reporting and transparency tool, enabling ITFC to measure, communicate, and continually refine its strategies and interventions for achieving sustainable development outcomes. The 2024 report highlights ITFC's expanding role as a driver of sustainable trade, economic resilience, and inclusive growth across its member countries. 'The ADER showcases ITFC's ability to provide innovative, impactful solutions that address the complex needs of our member countries,' said Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC. 'While we celebrate key milestones, we are also assessing our interventions to ensure we continue advancing toward a more inclusive, resilient, and sustainable future.' Key Highlights of 2024 ADER In 2024, ITFC delivered tangible results, demonstrating its focus on resilience and economic inclusion. The key highlights include: Filling Trade Finance Gaps. ITFC allocated US$2.66 billion, 38% of its total portfolio, to LDMCs, supporting inclusive growth. Additionally, US$268 million directly benefited over 380,000 smallholder farmers, enabling the procurement of 840,000 metric tons of local agricultural products. Securing Critical Supply Chains. Disbursements to the energy sector amounted to US$4 billion, bringing reliable electricity to approximately 13.8 million households. Food security interventions provided over 5.6 million metric tons of essential commodities worth US$1.45 billion, benefiting more than 30 million households. Strengthening Private Sector Participation. ITFC financed 312 small and medium enterprises (SMEs) and corporates through partnerships with 23 financial institutions, promoting financial inclusion and economic diversification. Fostering Regional Integration. Intra-OIC trade financing reached US$4.8 billion. Through strategic programs such as the Arab Africa Trade Bridges (AATB) and the Aid for Trade Initiative for Arab States (AfTIAS), ITFC strengthened regional value chains and institutional capacities. Investing in Capacity Development. Technical assistance and training initiatives reached over 3,100 individuals, a 32% increase from the previous year, with nearly 40% women participants. Embedding Sustainability into Core Operations The Corporation adopted its first Environmental and Social (E&S) Policy and launched a Ten-Year E&S Action Plan. A new governance structure was also introduced to guide implementation, laying the foundation for more responsible trade finance operations. Empowering Growth through the SDGs ITFC made significant strides in advancing multiple Sustainable Development Goals through its trade finance and development initiatives. Its efforts have helped reduce poverty (SDG 1), strengthen food security (SDG 2), and expand access to clean and affordable energy (SDG 7). By supporting smallholder farmers, empowering local economies, and promoting intra-OIC trade, ITFC has also played a key role in fostering strong global partnerships to accelerate sustainable development across member countries (SDG 17). The 2024 ADER affirms ITFC's deepening commitment to transparency, sustainability, and measurable impact. As the Corporation looks ahead, it remains focused on bold innovation, collaborative partnerships, and leveraging Islamic finance to build a more inclusive and sustainable global trade ecosystem. Access the full English version here - Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC). Social media: Twitter: Facebook: LinkedIn: International Islamic Trade Finance Corporation (ITFC) ( About the International Trade Finance Corporation (ITFC): The International Islamic Trade Finance Corporation (ITFC) is the trade finance arm 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 more than US$83 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.
Reuters
2 days ago
- Business
- Reuters
China leaves benchmark lending rates unchanged, as expected
SHANGHAI, July 21 (Reuters) - China kept benchmark lending rates unchanged on Monday, as forecast, after it reported slightly better-than-expected second-quarter economic data. Signs of economic resilience effectively reduced any urgency for further stimulus, while analysts widely expect persistent weak domestic demand warrants some monetary easing later this year. The one-year loan prime rate (LPR) was kept at 3.0%, while the five-year LPR was unchanged at 3.5%. In a Reuters survey of 20 market participants conducted last week, all participants predicted no change to either of the two rates. Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages. China's economy slowed less than expected in the second quarter in a show of resilience against U.S. tariffs, though analysts warn weak demand at home and rising global trade risks will ramp up pressure on Beijing to roll out more stimulus. Meanwhile, persistent deflationary pressure also calls for further monetary easing measures. China's producer deflation deepened to its worst in almost two years in June as the economy grappled with uncertainty over a global trade war and subdued demand at home. A lot of market attention will be shifted to the Politburo meeting later this month, which is likely to shape economic policy for the rest of the year. ** Tommy Xie, head of Asia macro research at OCBC: "China's GDP deflator has been in negative territory for nine consecutive quarters. "The weak nominal growth despite above target real growth may weigh down corporate profitability as well as income growth. "We expect PBOC to lower its benchmark interest rate by another 20 basis points this year although the room for more aggressive rate cuts may be limited given the bottleneck faced by the economy."
Reuters
5 days ago
- Business
- Reuters
China expected to keep lending rates steady, focus turns to Politburo meet
SHANGHAI, July 18 (Reuters) - China is widely expected to leave its benchmark lending rates unchanged at a monthly fixing on Monday, a Reuters survey showed, as signs of economic resilience reduced the urgency for further monetary easing. The loan prime rate (LPR), normally charged to banks' best clients, is calculated each month after 20 designated commercial banks submit proposed rates to the People's Bank of China (PBOC). In a Reuters survey of 20 market watchers conducted this week, all respondents expected both the one-year and five-year LPRs to remain steady. Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages. The consensus of no immediate monetary easing comes as data this week showed China's second-quarter gross domestic product (GDP) growth nudged slightly above market expectations, even though weak domestic demand and uncertainty around U.S. tariffs have raised economic risks. "Although continued downward price pressures and sluggish loan demand present a solid case for further easing, the PBOC may opt to hold off until a more opportune window," said Lynn Song, chief China economist for Greater China at ING. "We continue to expect one more 10-basis-point rate cut and 50-basis-point reserve requirement ratio (RRR) cut before year-end." For now, market attention would be squarely on the Politburo meeting later this month, which is likely to shape economic policy for the rest of the year, traders and analysts said. "With H1 real GDP growth still solid, we do not think policymakers see the immediate need to launch broad-based, significant stimulus in the near-term, including at the July Politburo meeting," analysts at Goldman Sachs said in a note. "Instead, we expect incremental, targeted easing to help stem the property downturn and mitigate labour market pressures in H2." China's new home prices declined at the fastest pace in eight months in June from the previous month, official data showed on Tuesday, underscoring the challenges policymakers face in reviving demand even after multiple rounds of support measures.
