The Islamic Development Bank Group in partnership with the UAE Ministry of Economy and Annual Investment Meeting, will conduct a live webinar entitled “IsDB Group Private Sector Action Response to COVID-19” on the 6th of July at 01:00 PM (KSA Time)to discuss the challenges facing the private sector and global economy during the COVID-19 outbreak.
The live session will also present the immediate joint action response of the IsDB Group Private Sector Entities namely, the Islamic Corporation for Insurance of Investments and Export Credits (ICIEC), Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC), in order to overcome the COVID-19 pandemic.
The webinar will discuss the future outlook to overcome the COVID-19 pandemic. In addition, the webinar will highlight the IsDB Group’s US$2.3 billion Strategic Preparedness and Response Programme for COVID-19 under its 3Rs approach “Respond, Restore and Restart”.
The keynote speakers who will share their in-depth perspectives in the webinar are Mr. Ousama Kaissi, the Chief Executive Officer of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC); Mr. Ayman Sejiny, the CEO & General Manager of the Islamic Corporation for the Development of the Private Sector (ICD), Eng. Hani Salem Sonbol, the Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC) and Ms. Cornelia Meyer, the Chairman & CEO of Meyer Resources.
Mr. Ousama Kaissi, the Chief Executive Officer of The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and one of the keynote speakers in the webinar, stated: “While the disruption to global trade and investment flows is unavoidable due to the unprecedented nature of the coronavirus pandemic, it is essential that institutions with the mandate and means to stabilize the trade ecosystem during the crisis heighten their efforts to do so. ICIEC is honoured to be a part of this webinar with the UAE Ministry of Economy and our IsDB Group peers in order to share how we are employing our multilateral insurance solutions toward the collective recovery of member countries.”
“The private sector can play a pivotal and proactive role to close funding gaps in the COVID-19 response. It is capable to minimize short-term risks to employees and long-term costs to businesses and the economy as a whole. ICD will work closely with 100+ local and regional financial institutions in its network to provide necessary support so they can continue to fund private sector, particularly SMEs in affected sectors within the markets they operate in” stated Mr. Ayman Sejiny, the CEO of the Islamic Corporation for the Development of the Private Sector (ICD), and one of the keynote speakers in the webinar.
Eng. Hani Salem Sonbol, the Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC) and one of the keynote speakers in the webinar, stated: “Since the outbreak of the pandemic, ITFC has moved quickly to put in place emergency financing measures to ensure that member countries continue to receive the support needed. Our COVID-19 ‘Rapid Response Initiative’ (RRI) has made US$ 300 million immediately available. This has facilitated the immediate access to medical equipment, the supply of staple foods and critical energy needs. Continuing to work closely with IsDB and partners, ITFC is moving forward with its Recovery Response Plan (RRP) with the provision of US$550 million for deployment over the next two years. The RRP is aimed at fixing the socio-economic damage which is expected to last longer than immediate impact of the virus; including the provision of lines of financing to fund the private sector and SMEs.”
“It is a great privilege to be in collaboration with the UAE Ministry of Economy and Islamic Development Bank Group in organizing this live webinar session that will tackle the major challenges currently being confronted by the private sector and the global economy as a whole,” Mr. Walid A. Farghal, Director General of the Annual Investment Meeting mentioned.
“The private sector is indispensable to economic growth. In fact, it contributes up to 90 per cent of employment and provides over 80 per cent of government revenues in developing countries. Thus, it is essential to highlight this huge initiative by the IsDB Group that enables the sectors adversely affected by COVID-19 to continue their business activities,” he furthered.
During the webinar, 3 online initiatives will be launched jointly by IsDB Group Private Sector Entities and AIM. These initiatives will support the private sector, trade and exports in OIC member countries and will be focusing on:
Digital Country Presentations: to promote and showcase the investment and trade opportunities in OIC member countries which will serve as a virtual gathering and strategic innovative platform to support the investors, government agencies, private institutions, investment promotion agencies to discuss the best possible means to attract FDI.
Startups Virtual Pitch Competition: to connect Startups globallyand support them in meeting potential partners and investors from other parts of the world.
MADE IN…..SERIES:this digital platform is open to all SMEs who want to showcase and present their local products, project and services to international audience.
The webinar will gather more than 700 participants from multiple sectorsacross the globe such as government officials, Chairmen, Presidents & CEOs of local and international companies, multilateral and financial institutions, Chambers of Commerce & Industry, business associations, investment promotion agencies, individual investors, and entrepreneurs.
For further information, please refer to the following website (https://isdbg-psf.org/webinar)
COVID vaccines: Widening inequality and millions vulnerable
Health leaders agree that a world without COVID-19 will not be possible until everyone has equal access to vaccines. More than 4.6 million people have died from the virus since it swept across the globe from the beginning of 2020, but it’s expected that the rate of people dying will slow if more people are vaccinated.
Developed countries are far more likely to vaccinate their citizens, which risks prolonging the pandemic, and widening global inequality. Ahead of a dialogue at the UN on Monday between senior United Nations officials UN News explains the importance of vaccine equity.
What is vaccine equity?
Quite simply, it means that all people, wherever they are in the world, should have equal access to a vaccine which offers protection against the COVID-19 infection.
WHO has set a global target of 70 per cent of the population of all countries to be vaccinated by mid-2022, but to reach this goal a more equitable access to vaccines will be needed.
Dr Tedros Adhanom Ghebreyesus, the Director-General of the World Health Organization (WHO) said vaccine equity was “not rocket science, nor charity. It is smart public health and in everyone’s best interest.”
Why is it so important?
Apart from the ethical argument that no country or citizen is more deserving of another, no matter how rich or poor, an infectious disease like COVID-19 will remain a threat globally, as long as it exists anywhere in the world.
Inequitable vaccine distribution is not only leaving millions or billions of people vulnerable to the deadly virus, it is also allowing even more deadly variants to emerge and spread across the globe.
Moreover, an unequal distribution of vaccines will deepen inequality and exaggerate the gap between rich and poor and will reverse decades of hard-won progress on human development.
According to the UN, vaccine inequity will have a lasting impact on socio-economic recovery in low and lower-middle income countries and set back progress on the Sustainable Development Goals (SDGs). According to the UNDP, eight out of ten people pushed into poverty directly by the pandemic are projected to live in the world’s poorest countries in 2030.
Estimates also suggest that the economic impacts of COVID-19 may last until 2024 in low-income countries, while high-income countries could reach pre-COVID-19 per capita GDP growth rates by the end of this year.
Is it working?
Not according to Dr Tedros, who said in April this year that “vaccine equity is the challenge of our time…and we are failing”.
Research suggests that enough vaccines will be produced in 2021 to cover 70 per cent of the global population of 7.8 billion. However, most vaccines are being reserved for wealthy countries, while other vaccine-producing countries are restricting the export of doses so they can ensure that their own citizens get vaccinated first, an approach which has been dubbed “vaccine nationalism”. The decision by some nations to give already inoculated citizens a booster vaccine, rather than prioritizing doses for unvaccinated people in poorer countries has been highlighted as one example of this trend.
Still, the good news, according to WHO data, is that as of September 15, more than 5.5 billion doses have been administered worldwide, although given that most of the available vaccines require two shots, the number of people who are protected is much lower.
Which countries are getting the vaccines right now?
Put simply, the rich countries are getting the majority of vaccines, with many poorer countries struggling to vaccinate even a small number of citizens.
According to the Global Dashboard for Vaccine Equity (established by UNDP, WHO and Oxford University) as of September 15, just 3.07 per cent of people in low-income countries have been vaccinated with at least one dose, compared to 60.18 per cent in high-income countries.
The vaccination rate in the UK of people who have received at least one vaccine dose is around 70.92 per cent while the US is currently at 65.2 per cent. Other high-income and middle-income countries are not doing so well; New Zealand has vaccinated just 31.97 per cent of its relatively small population of around five million, although Brazil, is now at 63.31 per cent.
However, the stats in some of the poorest countries in the world make for grim reading. In the Democratic Republic of the Congo just 0.09 per cent of the population have received one dose; in Papua New Guinea and Venezuela, the rate is 1.15 per cent and 20.45 per cent respectively.
What’s the cost of a vaccine?
Data from UNICEF show that the average cost of a COVID-19 vaccine is $2 to $37 (there are 24 vaccines which have been approved by at least one national regulatory authority) and the estimated distribution cost per person is $3.70. This represents a significant financial burden for low-income countries, where, according to UNDP, the average annual per capita health expenditure amounts to $41.
The vaccine equity dashboard shows that, without immediate global financial support, low-income countries would have to increase their healthcare spending by between 30 and 60 per cent to meet the target of vaccinating 70 per cent of their citizens.
What has the UN been doing to promote a more equitable access to vaccines?
WHO and UNICEF have worked with other organizations to establish and manage the COVID-19 Vaccine Global Access Facility, known as COVAX. Launched in April 2020, WHO called it a “ground-breaking global collaboration to accelerate the development, production, and equitable access to COVID-19 tests, treatments, and vaccines”.
Its aim is to guarantee fair and equitable access for every country in the world based on need and not purchasing power.
Currently, COVAX numbers 141 participants according to the UN-supported Gavi alliance, but it’s not the only way that countries can access vaccines as they can also make bilateral deals with manufacturers.
Will equal access to vaccines bring an end to the pandemic?
It’s a crucial step, obviously, and in many richer countries, life is getting back to some sort of normality for many people, even if some pandemic protocols are still in place. The situation in less developed countries is more challenging. While the delivery of vaccines, provided under the COVAX Facility, is being welcomed across the world, weak health systems, including shortages of health workers are contributing to mounting access and distribution challenges on the ground.
And equity issues don’t disappear once vaccines are physically delivered in country; in some nations, both rich and poor, inequities in distribution may still persist.
It’s also worth remembering that the imperative of providing equal access to health care is, of course, not a new issue, but central to the Sustainable Development Goals and more precisely, SDG 3 on good health and well-being, which calls for achieving universal health coverage and affordable essential medicines and vaccines for all.
Moscow electronic school — the future of education
The Moscow Electronic School (“MES”) project is a cloud-based Internet platform launched in 2016 that unites all educational institutions in Moscow into a single high-tech environment. After successful testing, since September 1, 2017, the MES has been implemented in all educational organizations (schools, kindergartens, colleges) in Moscow and is available online for any user from anywhere in the world, from any device 24/7/365. Today MES unites about 3 million participants in the educational process of the capital, including teachers, students and their parents.
The Moscow Electronic School project is aimed at the most effective use of the school’s IT capabilities to improve the quality of student education by forming a connection between the organizational and content aspects of the educational process (interactive equipment, as well as personal devices of users connected to the Internet, are linked with the educational materials of the platform).
The “MES” platform provides automation of most of the organizational, methodological and pedagogical tasks solved in a modern large educational organization, makes the content of education more accessible, allows in practice to implement modern pedagogical technologies and approaches, for example, blended learning, distance and electronic education.
Today “MES” has become a real digital assistant for the modern teacher. Thanks to special digital constructors, Moscow teachers in the “MES” Library create lesson scripts, “folk” textbooks, self-study guides, tests that students use in class, when preparing design work at school, in the course of independent work. Thus, the service allows not only to use the posted educational materials, but also to supplement the cloud educational platform with its developments and content, as well as to share them with colleagues. Electronic versions of textbooks, teaching aids, interactive applications and other modern digital content allow the teacher to diversify the content of the assignments and make the learning process fun for children and more effective.
The key elements of the digital educational platform are an electronic journal, an electronic diary, a library of electronic materials, the “Moskvenok” service (Pass and Power system), as well as infrastructure solutions: Wi-Fi access points with high-speed Internet, school servers, touch-controlled interactive panels with a built-in computer, teachers’ tablets and laptops, a video surveillance system and turnstiles at the entrance.
“MES Library” is a unique repository of educational electronic materials and tools. The service is implemented in the web version and as a mobile application “MES Library”. Library materials are available online at no cost to any user from anywhere in the world.
The “Moskvenok” service helps parents place an order for their child’s hot meals (if the school is connected to the hot meal ordering service from the menu), check his arrival or departure from school, college or kindergarten, control his meals in the school cafeteria and the costs of the cafeteria. Children can use the “Moskvenok” carrier (bracelet, keychain or card) as a pass to an educational organization and museums in Moscow, as well as for non-cash payments for purchases at school.
The electronic diary contains complete information on training: curriculum for the year ahead, schedule and attendance of classes, progress, analytics. The service makes it possible to find out about current events and activities. It is available both in the web version and in the form of the “MES Diary” mobile application.
In the new academic year, “MES” will be replenished with a wide range of diverse partner educational content, which has already proven itself well among teachers and schoolchildren. Thanks to this, an additional 45 thousand units of new tools and materials will appear in the library: interactive presentations for lessons, design and research tasks, virtual laboratories and tests. Most of the tasks will be self-checking, that is, after completing the work, the teacher, student and parent can immediately familiarize themselves with the results.
Another important area in the Moscow Electronic School is virtual laboratories – interactive online simulators of experiences and experiments for children and adults, which allow improving knowledge and skills in the subjects of the school curriculum. At the beginning of the academic year, new virtual laboratories for drawing, inorganic chemistry, computer science, mathematics, biology and physics will appear at the “MES”.
This year, in the library of the Moscow Electronic School, the collection of virtual laboratories has been replenished with 10 new laboratories in the section of biology “Cytology” for schoolchildren in grades 5-11. It has an interactive virtual microscope that allows you to view individual cells. And the children can consolidate the knowledge gained by “collecting” cells in a game format, solving an interactive problem or passing a thematic quiz.
It is now possible to design and conduct experiments on electrostatics, magnetostatics and electromagnetism in the virtual laboratory “Electromagnetic field. Faraday”, which became the fifth in the line of physics laboratories. The new laboratory will help schoolchildren to master the main sections of electrodynamics: electrostatics, magnetic field and electromagnetic phenomena.
Another novelty is the virtual laboratory “MES Informatics” for students in grades 7-11. Children will be able to test their knowledge using 290 ready-made tests, practice using more than 9 thousand tasks, and also take 254 programming courses.
An important innovation of the “MES” is the new “Student portfolio” service. It will accumulate the results and achievements of schoolchildren not only in the educational part, but also in olympiads, competitions, sports competitions. Also, students and their parents will be able to independently enter information into the new service, edit data and share their portfolio with friends, teachers, organizations.
Thematic materials about Russian writers
At the end of July, the project “Moscow Electronic School” made available thematic materials about the life and work of one of the greatest poets of the golden age of Russian literature – Mikhail Lermontov.
Also, the project “Moscow Electronic School” presented a thematic selection of materials about the life and work of Fyodor Dostoevsky in the year of the 200th anniversary of the birth of the writer. Schoolchildren are offered to go on a virtual trip to St. Petersburg of the XIX century and get acquainted with the peculiarities of the worldview of the classic.
Over 50 Companies Reporting on Stakeholder Capitalism Metrics as International Support Grows
The World Economic Forum announces today the continued growth of the coalition of companies supporting the Stakeholder Capitalism Metrics initiative. Since January 2020-2021, over 100 companies have shown support for this initiative with over 50 already including the metrics in their 2020-2021 reporting materials.
Drawn from existing standards, the Stakeholder Capitalism Metrics provides a set of metrics that can be reported on by all companies, regardless of industry or region.
The metrics also offer comparability, which is particularly important for informing ongoing efforts to create a systemic, globally accepted set of common standards for reporting on sustainability performance.
“We are delighted to see so many companies joining this effort and, even more so, excited to see many already implementing the metrics into their reporting,” said Olivier Schwab, Managing Director, World Economic Forum. “This is the first time we have publicly seen this breadth of data from global companies across sectors on ESG factors. The Stakeholder Capitalism Metrics are already demonstrating that consistent and comparable ESG reporting can help articulate to stakeholders the collective contribution of ESG commitments.”
The World Economic Forum is currently a member of the IFRS Foundation’s Technical Readiness Working Group, which is providing technical proposals to enable a running start for the potential International Sustainability Standards Board (ISSB) under the IFRS Foundation’s governance structure to be announced by COP26. The Stakeholder Capitalism Metrics are a key input to this work and serve as an important preparedness tool for companies until global sustainability-related disclosure standards are established.
An early analysis of reports already incorporating the Stakeholder Capitalism Metrics in mainstream reporting demonstrates that it is now easier to consistently measure individual company progress against critical ESG areas, as well as the collective impact of those companies committed to reporting the Stakeholder Capitalism Metrics. An initial analysis of the first reports indicates the power of cumulative impact from the private sector together.
The emerging picture of the scale in which business is contributing to society is positive. An initial analysis of the first 45 reports from companies shows how companies are building skills for the future, with over $1.5 trillion invested in training. They also indicate that companies are innovating for better products and services, with over $20 trillion spent on R&D and $23 trillion in cumulative multi-year innovation investments. Lastly, they are contributing to their communities and social vitality with nearly $140 trillion in taxes.
Building trust and transparency
In today’s context, businesses are facing increasing pressure to deliver sustainable prosperity while minimizing their climate impact, engaging a diverse workforce and many other deliverables. The Stakeholder Capitalism Metrics allow businesses, across industries, to measure, manage and disclose their impact on these ESG factors effectively.
Further benefits, as relayed by the companies, also include the ability to communicate through reporting. A company’s performance and progress can enact change within the organization, secure investments upfront to reduce future costs and gain efficiencies in the long term and increase transparency to build trust with stakeholders.
Companies have also faced some challenges reporting on the Stakeholder Capitalism Metrics. These include data accessibility, jurisdictional challenges and data-processing capabilities. Despite these challenges, corporate support for ESG reporting and the Stakeholder Capitalism Metrics initiative continues to grow and the Forum will continue to invite all of its partners to join this initiative.
Companies that have committed to the metrics since January 2021 include:
- Allied Irish Banks
- Bain & Company
- Crescent Enterprises
- Crescent Petroleum
- Diligent Corporation
- Enel SpA
- Engro Corporation
- Gingko Bioworks
- Hanwha Asset Management
- Henry Schein
- Hyundai Motor Group
- Intesa Sanpaolo
- Koç Holding
- Mitsubishi Heavy Industries
- Norilsk Nickel
- Olayan Financing Company
- Olayan Saudi Holding Company
- SOMPO Holdings
- Standard Chartered Bank
- Swiss Re
Newly committed companies join others in the coalition in committing to:
- Reflect the core metrics in their reporting to investors and other stakeholders (e.g., annual report, sustainability report, proxy statements, or other materials) by reporting on the metrics most relevant to their business or briefly explaining why a different approach is more appropriate
- Publicly support this work and encourage their business partners to do so
- Promote the further convergence of existing ESG standards, frameworks and principles to support progress towards a globally accepted solution for non-financial reporting on common ESG metrics
They also signal that the business community will continue to catalyse greater cooperation and alignment among existing standards and encourage progress on the development of a systemic, globally accepted set of common standards for reporting on sustainability performance.
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