Latest news with #UNDP
Business Recorder
3 hours ago
- Business
- Business Recorder
SECP releases statistics for 2024: Insurance industry's assets soar to Rs3.554trn
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has released the insurance industry statistics for the year 2024, the fourth volume of this annual series containing comprehensive data as of December 31, 2024. The report provides a comprehensive picture of the insurance sector's performance and serves as a key reference for policymakers, regulators, and industry stakeholders. During the year, the industry's total assets expanded significantly, rising from Rs2,900 billion in 2023 to Rs3,554 billion in 2024. Gross premiums grew by 7 per cent year-on-year, reaching Rs677 billion compared to Rs631 billion in the preceding year. SECP grants first-ever digital-only non-life insurance licence The Takaful sector continued its robust expansion, with family Takaful contributions increasing by 37 per cent and general Takaful by 24 per cent, bringing the combined premium volume close to Rs100 billion. Addressing members of the media at the launch of the report, Commissioner Insurance, Mujtaba Ahmad Lodhi, emphasised the growing role of insurance in Pakistan's economic development and financial stability. He noted that insurance acts as a vital pillar of the financial system by providing risk protection, mobilising long-term funds, and supporting the deepening of capital markets. Highlighting recent sectoral trends, the Commissioner pointed to the encouraging signs of economic recovery, a 25 per cent increase in private sector life premiums, a threefold rise in premiums through digital channels, and the rapid growth of the Takaful sector. He further outlined the SECP's strategic priorities for sustaining this momentum, including implementation of a five-year sectoral development plan, collaboration with provincial governments on agricultural and disaster risk insurance, and partnerships with international institutions such as UNDP and the Asian Development Bank (ADB). Other focus areas include reforms to enable mandatory insurance coverage, promotion of innovation and digital financial inclusion, and the phased adoption of international standards such as IFRS 17 and the Risk-Based Capital regime. Consistent with previous editions, the Insurance Industry Statistics 2024 are compiled from data submitted by insurance companies in prescribed formats. The full report is available on the SECP's website. Copyright Business Recorder, 2025
Zawya
18 hours ago
- Business
- Zawya
Egypt, UNDP, EU ink protocols for $9.8mln local development projects
Arab Finance: Egypt's Ministry of Local Development, in cooperation with the United Nations Development Programme (UNDP) and the European Union (EU), signed four protocols to implement local economic development projects worth EGP 480 million, as per a statement. These projects are set to be carried out in the governorates of Fayoum, Beni Suef, Luxor, and Aswan. The four projects include the Al-Habil Urban Market in Luxor's Al-Bayadiya Center; an integrated services center and industrial complex for olive industries in Fayoum's Youssef El-Siddiq Center; an integrated services center for medicinal and aromatic plants in Beni Suef's Samsta Center; and an integrated model center for processing, packaging, and trading dates and palm products, along with a logistics zone for agricultural crops in Aswan. Minister of Local Development Manal Awad said the ministry is prioritizing the development of local performance and investment capacity to achieve sustainable growth, highlighting that this is the first co-financing partnership of its kind between the government and international donors. She explained that the EU is contributing EGP 120 million, while the ministry will finance the remaining costs. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
The Star
a day ago
- Politics
- The Star
Cambodian FM urges UNDP to continue support for kingdom's key areas
PHNOM PENH, Aug. 20 (Xinhua) -- Cambodian Foreign Minister Prak Sokhonn on Wednesday asked Enrico Gaveglia, newly appointed resident representative of the United Nations Development Program (UNDP) to Cambodia, to continue support for the kingdom's key areas. He made the remarks while receiving a courtesy call by Gaveglia, during which he also presented his letter of credence, said a foreign ministry's news release. Sokhonn, who is also a deputy prime minister, expressed appreciation for the UNDP's assistance to the Cambodian government on social protection schemes. He requested the UNDP to continue its support in key areas, such as mine clearance, renewable energy, social equity, youth, cyber challenges, and climate change, the news release said. For his part, Gaveglia reiterated the UNDP's steadfast commitment to advance Cambodia's development aspirations by promoting inclusive growth, addressing climate challenges, and building effective governance.
Yahoo
2 days ago
- Science
- Yahoo
Serbian scientists experiment with mealworms to degrade polystyrene
Serbian scientists experiment with mealworms to degrade polystyrene BELGRADE (Reuters) -Serbian scientists have been experimenting with mealworms as a way to break down polystyrene. Larisa Ilijin, a principal research fellow at Belgrade's Institute for Biology, said the scientists had discovered that mealworms can digest various plastics, including polystyrene, which is used in packaging, insulation and food containers. In the project endorsed by the government and the United Nations' agency for international development, UNDP, and other international donors, they have been including the polystyrene in the regular food of the larval form of the yellow mealworm beetle, or Tenebrio molitor. They habitually eat more or less anything, but need the training to eat the plastic products. "We have larvae that have been adapted over a long time to biodegrade plastic, to be as efficient as possible in the process," Ilijin told Reuters. She said the bacteria living in their guts break down the plastic into carbon dioxide and water, and showed no evidence of leaving microplastic residue in their innards or faeces. The work builds on similar research projects in the U.S. and Africa. Serbia, which hopes to join the EU, recycles only 15% of municipal waste, far below the EU's 55% target and less than 2% of household waste. Over 84% of waste ends up in about 3,000 landfill sites, often unregulated and filled with plastic, cardboard, paper and organic waste. It is looking for ways to meet EU waste treatment standards. "Styrofoam takes over 500 years to decompose in nature ... this would be one of the good ways for solving the problem of plastic waste in nature," Ilijin said. The institute has given Belgrade-based Belinda Animals several containers of the mealworms. It is now breeding them and hoping to attract a network of similar farms. 'When breaking down 1 kg of Styrofoam, larvae emit one to two grams of carbon dioxide ... If we incinerate it ... (Styrofoam) emits over 4,000 times more,' owner Boris Vasiljev said. He also envisages the larvae being used as animal feed, should it reach a large commercial scale. The use of mealworms is still in its infancy, Ilijin said, as Serbia still needs to adopt regulations that would allow the use and sale of insect products for animal fodder. Solve the daily Crossword
CNA
2 days ago
- Science
- CNA
Serbian scientists experiment with mealworms to degrade polystyrene
BELGRADE :Serbian scientists have been experimenting with mealworms as a way to break down polystyrene. Larisa Ilijin, a principal research fellow at Belgrade's Institute for Biology, said the scientists had discovered that mealworms can digest various plastics, including polystyrene, which is used in packaging, insulation and food containers. In the project endorsed by the government and the United Nations' agency for international development, UNDP, and other international donors, they have been including the polystyrene in the regular food of the larval form of the yellow mealworm beetle, or Tenebrio molitor. They habitually eat more or less anything, but need the training to eat the plastic products. "We have larvae that have been adapted over a long time to biodegrade plastic, to be as efficient as possible in the process," Ilijin told Reuters. She said the bacteria living in their guts break down the plastic into carbon dioxide and water, and showed no evidence of leaving microplastic residue in their innards or faeces. The work builds on similar research projects in the U.S. and Africa. Serbia, which hopes to join the EU, recycles only 15 per cent of municipal waste, far below the EU's 55 per cent target and less than 2 per cent of household waste. Over 84 per cent of waste ends up in about 3,000 landfill sites, often unregulated and filled with plastic, cardboard, paper and organic waste. It is looking for ways to meet EU waste treatment standards. "Styrofoam takes over 500 years to decompose in nature ... this would be one of the good ways for solving the problem of plastic waste in nature," Ilijin said. The institute has given Belgrade-based Belinda Animals several containers of the mealworms. It is now breeding them and hoping to attract a network of similar farms. 'When breaking down 1 kg of Styrofoam, larvae emit one to two grams of carbon dioxide ... If we incinerate it ... (Styrofoam) emits over 4,000 times more,' owner Boris Vasiljev said. He also envisages the larvae being used as animal feed, should it reach a large commercial scale. The use of mealworms is still in its infancy, Ilijin said, as Serbia still needs to adopt regulations that would allow the use and sale of insect products for animal fodder.
