Latest news with #energy sector
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.
Yahoo
4 days ago
- Business
- Yahoo
Oil Rig Count Falls by 2; Crude Prices Headed for First Weekly Decline in 3 Weeks
The number of oil rigs in the US dropped by two in the week through Friday, data compiled by energy Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
6 days ago
- Business
- Zawya
Ghana achieves stable power supply, eyes green future after major energy reforms
Ghanaians are now enjoying a stable and dependable power supply, thanks to significant ongoing reforms in the energy sector, Minister for Energy and Green Transition, John Abdulai Jinapor, has announced. Taking his turn at the Government #AccountabilitySeries, John Jinapor stated that there has been a significant turnaround from the 'persistent and erratic power outages' experienced earlier this year. 'We have witnessed a remarkable improvement and reliable supply of power,' he stated, attributing this success to comprehensive reforms addressing both technical inefficiencies and financial challenges within the sector. 'You can attest to the fact that we are now experiencing a reliable, uninterruptible supply of power,' he emphasised, a demonstration of the visible impact of the government's interventions. Looking ahead, Mr Jinapor unveiled plans for a five-year strategic document aimed at accelerating Ghana's renewable energy and green transition agenda. This crucial blueprint will guide future policy reforms, ensuring a sustainable and environmentally friendly energy future for the nation. The Ministry's initiatives reflect the government's unwavering commitment to ensuring a robust, sustainable, and reliable energy sector for all Ghanaians. Distributed by APO Group on behalf of The Presidency, Republic of Ghana.
LBCI
11-07-2025
- Business
- LBCI
Fuel prices shift in Lebanon
On Friday, fuel prices in Lebanon saw a mixed shift, with 95-octane and 98-octane gasoline decreasing by LBP 6,000, while diesel increased by LBP 3,000. The current prices for hydrocarbon derivatives are as follows: Gasoline 95 octane: LBP 1,569,000 Gasoline 98 octane: LBP 1,609,000 Diesel: LBP 1,577,000 Gas canister: LBP 966,000
