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IsDB Group Private Sector Action Response to COVID-19: Webinar

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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)

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Africa Today

World Bank Supports Recovery and Resilience of Rwanda’s COVID-19-Affected Businesses

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The World Bank Group today approved $150 million from the International Development Association (IDA)* to help the Government of Rwanda increase access to finance and to support recovery and resilience of businesses affected by the COVID-19 pandemic.

The Access to Finance for Recovery and Resilience (AFIRR) Project also benefits from $25 million in IDA grants, as well as an additional $7.5 million grant from the Global Risk Financing Facility (GRiF), to help enhance business’ access to finance.

This project is an important contribution to the government’s post-COVID Economic Recovery Plan, promoting investment in priority growth sectors, supporting jobs and reinforcing Rwanda’s financial system’s crisis preparedness.” said Rolande Pryce, World Bank Country M anager. “The AFIRR project provides significant resources to help further capitalize the Economic Recovery Fund coupled with enhanced support programs to improve firms’ capacity and remove barriers to access to finance. It provides a suite of instruments that strengthen the existing recovery ecosystem ranging from financial instruments to adjustment mechanisms that include innovative risk mitigation solutions.”

The project will provide financing targeting affected businesses to facilitate refinancing of existing debt obligations, provide working capital, and support investments for business adaptation and growth through the provision of longer-term sources of finance. This will be complemented by risk sharing instruments, including a partial credit guarantee scheme and a bridge loan and insurance facility, to increase access to finance for underserved segments, such as micro, small and medium sized enterprises (MSMEs). In addition, the project will provide targeted technical assistance to firms, participating financial institutions, and government implementing agencies, to address existing constraints for increasing uptake of the Economic Recovery Fund.

Interventions under the project will help businesses to continue to operate and adapt to the post-COVID-19 environment. They will also provide a lifeline to firms in growth-potential sectors that find it difficult to access financing from financial institutions; this will contribute to preserving jobs and mitigating loss of otherwise productive firms that can help drive economic recovery” said Brice Gakombe, World Bank Financial Sector Specialist, and Task Team Leader of the project.

In addition to providing financing, the AFIRR project will bolster the capacity of key government and private sector stakeholders on the technical aspects of the financing and risk-sharing instruments, as well as disaster risk financing principles. As women were hardest hit by the COVID-19 (coronavirus) pandemic, the project focuses on increasing the share of women-inclusive enterprises able to access financing under the liquidity and financing facility and through targeted training to address gender specific constraints for MSMEs as well as improve outreach in underserved segments.

The AFIRR project will be co-financed in the amount of $100 million by the Asian Infrastructure Investment Bank (AIIB), of which Rwanda is a non-regional member. It is AIIB’s first investment in Rwanda.

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How to Make Your Hospitality Business More Sustainable

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Climate change and its impact on the world has been a major news story for decades, but it’s only in recent years that awareness has been pushed to the fore. This is thanks to the actions of activists such as Greta Thunberg and Sir David Attenborough.

However, it’s also because 2020 was the joint hottest year on record, tying with 2016 – although, unlike 2016, there was no El Nino event last year to contribute to these temperatures.  

While there is pressure on companies to play their part and think more sustainably, there are things that smaller businesses can do too. As someone who runs a hospitality business, you can make operations more environmentally aware. If you want to think green, here are some ideas to help. 

Consider the materials

How much paper does your business use? There’s a real trend for cardboard menus and paper flyers showcasing the latest dining deals. Hotel rooms are filled with directories and leaflets, too – and these need replacing when they get tatty.

To resolve the issue, try switching to digital. Create online menus that diners can access, have a screen detailing the latest meal deals and specials, and introduce tablets to bedrooms in your hotel. If you’re reluctant to include tablets, try creating a directory on the TV where guests can browse the services your hotel offer, from breakfast serving times to the food on offer.

Rethink utilities

How much electricity does your business use a day? How much water is wasted?

Try looking at introducing motion sensitive lighting to avoid empty rooms being lit. Also, while it can be tricky to encourage guests to think about the water they use, you can get your staff to set an example by switching off taps when not in use. Even small changes can both save energy and money.

Manage waste

Hospitality businesses see a lot of waste, especially hotels. There’s paper waste, bottles, and food waste to consider, among other things.

Having a robust recycling system in place can help to keep your business sustainable. Introduce recycling bins in guest bedrooms and have these in offices too to encourage best practice.

Additionally, separate food waste bins for your restaurant are an essential part of waste management. By keeping food waste separate, it can be easily removed from the premises.

As with any waste management, there are risks here. Staff could cut themselves on glass or encounter other injuries, so think about how to keep your team safe while they do their job. Arm protection and overalls, for instance, can be useful.

Look at the décor

As well as the day-to-day operations in your business, it’s worth thinking about the materials used in the design and décor. Where possible, try to source reclaimed furniture and trawl the vintage and flea markets for beautiful pieces that could work well in your hotel foyer or guest rooms.

By taking the time to reassess the way your business runs, you could find that you’re lowering your carbon footprint and becoming more sustainable.

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Tech News

New Space Sustainability Rating Addresses Space Debris with Mission Certification System

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In early 2022, space organizations will be able to give their missions, including satellite launches and crewed missions, certifications for sustainability with the finalization of the Space Sustainability Rating (SSR).

With ever more satellites being launched each year, the risk of collisions and the proliferation of space debris continues to rise. This has created a need to find ways to maximize the long-term sustainability of the space environment and encourage responsible behaviour.

The SSR system aims to address these issues by quantifying the sustainable behaviour of space actors. These scores will be based on factors ranging from data sharing, choice of orbit, measures taken to avoid collisions, plans to de-orbit satellites on completion of missions, and even how well they can be detected and identified from Earth. The choice and characteristics of a launch provider will also have an impact on the score.

There will be bonus marks for adding optional elements, such as de-orbiting fixtures, which could be used for the active removal of the object once its operational lifetime has been fulfilled.

“The Forum is very glad to support such an innovative approach to a global challenge of space debris,” said Nikolai Khlystov, Lead for Mobility and Space, World Economic Forum. “Incentivizing better behaviour by having actors compete on sustainability will create a race to the top and eSpace at EPFL is a great organization to take the SSR to the next level.”

After a robust selection process involving close to 20 stakeholders, the EPFL Space Center (eSpace) at the Swiss Federal Institute of Technology Lausanne (EPFL), based in Lausanne, has been selected to lead and operate the SSR, in preparation for the roll-out of the transparent system for scoring the space sustainability efforts of different space actors.

“Space sustainability is in eSpace’s DNA, as one of our research projects led to the creation of ClearSpace – a pioneer spin-off selected by ESA [European Space Agency] for the first debris removal mission. Hosting the SSR is a strategic move for our Center. With our experience and the partners that will support SSR at EPFL, Switzerland and international levels, we intend to initiate in 2022 what could be a game changer in the way space missions are carried out,” said Jean-Paul Kneib, Professor of Astrophysics and Director of eSpace.

“The SSR aims to influence behaviour by all spaceflight actors, especially commercial entities, and help bring into common usage the sustainable practices that we desperately require,” said Holger Krag, Head of ESA’s Space Safety Programme. “To achieve this, the SSR rating includes a peer-reviewed assessment of the short- and long-term risks that any mission presents to other operators and for our orbital environment in general.”

The SSR initiative was developed over the past two years by the Forum, the ESA and a joint team led by Space Enabled Research Group at the MIT Media Lab, with collaboration from BryceTech and the University of Texas at Austin, and it comes at a critical time. While satellites have long been used for navigation services, weather monitoring and television broadcasts, humankind’s reliance on space infrastructure is set to increase sharply with the launch of large constellations of small satellites designed to boost global internet access.

“The design process of the SSR catalysed a creative community of commercial firms, universities, government agencies and civil society organizations,” said Danielle Wood, Director of the Space Enabled Research Group at the MIT Media Lab. “There is more important work to do in engineering research, policy-making and norm building to ensure that the global community can operate in space for decades to come. All of us who contributed to the SSR are committed to continuing this important work and we hope others will continue to join in.”

There are now nearly 4,000 active satellites in orbit, including the inhabited outposts of the International Space Station and the Tiangong Space Station, currently under construction. As many more organizations from many more countries prepare to launch new missions, this number is set to grow exponentially. The risk of collisions will inevitably increase and raise questions about the capacity of near-Earth orbit to accommodate so many objects safely and sustainably.

By voluntarily taking part in the new SSR system, spacecraft operators, launch service providers and satellite manufacturers will be able to secure one of four levels of certification which they can share externally to show their mission’s level of sustainability.

This will increase transparency, without disclosing any mission-sensitive or proprietary information. The goal is to incentivize good behaviour by all space actors in addressing the problem of space debris. A favourable score for a particular rated party might, for example, result in lower insurance costs or improved funding conditions from financial backers.

Over the two-year development period of the SSR, numerous operators within the space industry have been engaged in the evolution of the rating system and there is already widespread interest in this new tool. Several companies, including Airbus, Astroscale, AXA XL, elseco, Lockheed Martin, Planet, SpaceX and Voyager Space Holdings, have actively supported the SSR concept and expressed interest in participating once it is publicly launched.

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