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A framework agreement of cooperation between IsDB and Standard Chartered Bank

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IsDB President Dr. Bandar Hajjar and M. Sunil Kaushal, CEO for Africa and Middle East, Standard Chartered Bank (SCB), signed a Memorandum of Agreement to participate in IsDB’s Restore Track Program aimed to supporting IsDB’s member countries’ private sector through stimulus packages to the economic sectors most impacted by the CoVID19 pandemic.

This agreement leverages on IsDB’s $2Bn “COVID Guarantee Facility” to establish an operational cooperation framework for IsDB and SCB to facilitate financing arrangements to IsDB’s Member Countries.

The COVID pandemic has disrupted international financial channels and put pressure on hard currency inflows to Emerging Markets. This pressure led to considerable limitations of the private sector’s access to financial liquidity. Combined with the loss of income due to reduced demand, the health crisis poses unprecedented challenges to the private sector and especially SMEs.

Through its cooperation with Standard Chartered Bank, IsDB aims to help alleviate some of these pressures by providing blended lines of finance to local banks at competitive prices.

“I am glad to see our, already strong, relationship with Standard Chartered Bank further strengthened with this unique and innovative partnership” stated H.E IsDB’s President, Dr. Bandar Al Hajjar. He also expressed his firm conviction that SCB’s funding expertise added to IsDB de-risking guarantees will make a lasting impact for IsDB’s Members Countries.

M. Sunil Kaushal expressed his thanks to IsDB for the developing partnership between the two institutions noting that IsDB is the first Bank to sign such agreement with SCB. He also expressed his strong commitment to support IsDB member countries to fight COVID-19.

Both agree that this “out of the box” partnerships between MDBs and the private sector are now necessary to overcome the challenges of our times.

The Islamic Development Bank (IsDB) is a multilateral development bank (MDB) counting 57 member countries across four continents – touching the lives of 1 in 5 of the world’s population.

IsDB works to improve the lives of those it serves by promoting social and economic development, delivering impact at scale. IsDB is one of the world’s most active MDBs, and global leaders in Islamic Finance, with a AAA rating. Headquartered in Jeddah, Saudi Arabia, IsDB is a truly global institution with major hubs in Morocco, Malaysia, Kazakhstan and Senegal; and gateway offices in Egypt, Turkey, Indonesia, Bangladesh and Nigeria.

Standard Chartered Bank (SCB) is a leading international banking group, with a presence in 60 of the world’s most dynamic markets and serving clients in a further 85. SCB’s purpose is to drive commerce and prosperity through it unique diversity, and heritage; and values are expressed in it brand promise, “Here for good”.

Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.

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Development

Addressing the climate emergency and advancing the SDGs through circular economy

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Accelerating the adoption of circular economy principles, policies and practices is essential if we are to make the progress on the Sustainable Development Goals and fully implement the Paris Agreement.

This was the key message from more 300 representatives of national governments, United Nations entities, intergovernmental and non-governmental organizations, the private sector and academia brought together by the United Nations Industrial Development Organization (UNIDO) in a series of regional meetings on the circular economy held virtually between 13 and 20 November 2020.

These regional meetings, convened for the African Group, the Asia-Pacific Group, the Eastern European Group, the Latin American and the Caribbean Group, and the Western European and Other States Group, focused on exchanging experiences and sharing knowledge, identifying benefits, challenges and barriers, and considering ways and means to enable the transition to a circular economy.

While addressing the African Group, Stephan Sicars, Managing Director of Environment and Energy at UNIDO, quoted one of the world’s most inspirational leaders and prominent change-makers, Nelson Mandela: “I dream of our vast deserts, of our forests, of all our great wildernesses. We must never forget that it is our duty to protect this environment.” Sicars stressed the urgency of these words and pledged the continued support of UNIDO to foster partnerships, conceive initiatives and mobilize stakeholders for action on the circular economy in developing countries. 

Ornela Çuçi, Deputy Minister of Tourism and Environment, Albania,emphasized that “Nature is the biggest asset in Albania. We must preserve our environment to be able to build a strong and resilient economy. We are therefore working on legislation on the circular economy that will integrate this concept into our reality”.

Ilan Fluss, Deputy Head of the Economic Division of Israel’s Ministry of Foreign Affairs, said, “Cooperation between governments, the private sector and civil society is critical for promoting a circular economy. To close gaps between countries and societies, it is important to create partnerships, share best practices and exchange experiences.”

Noting that despite the opportunities, challenges remain, Claude Koutoua, President of the Environment, Quality, Hygiene, Security and Energy Committee, General Confederation of Enterprises, Côte d’Ivoire,said, “One of the main challenges is making technological innovations available, especially those that allow for carbon-free processes. We are in a world of competition and if we do not have a sufficiently attractive cost factor, it may happen that industries will not find the necessary enabling environment. What is more, we need support to make sure there is a political will to effectuate transformational changes”.

Van Keaheak, Director General for Industry at Cambodia’s Ministry of Industry, Mines and Energy,stressed “that stakeholders are very important. Stakeholders involved should be the government, United Nations agencies, NGOs, the private sector and consumers. They all should be aware of the importance of the circular economy to deal with the environmental impacts. The circular economy is an opportunity to green our society”.

Alex Saer, Director for Sectorial and Urban Environmental Affairs at Colombia’s Ministry of Environment and Sustainable Development, explained that “as a successful case, we have worked with UNIDO on eco-efficient industrial parks. We believe that this is a very important way to promote industrial symbiosis in the country, as industry is an essential part of a circular economy”.

The outcomes of the regional meetings will inform UNIDO-led global consultations on circular economy, scheduled for January-February 2021. The global consultations aim to develop a set of policy recommendations to advance the work of Member States and various stakeholders on the circular economy, thereby promoting inclusive and sustainable industrial development in the framework of the United Nations’ Decade for Action.

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Indonesian President Addresses Global Business Leaders at the WEF Special Dialogue

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Today, President Joko Widodo of Indonesia took part in a dialogue with global business leaders, hosted by Klaus Schwab, Founder and Executive Chairman of the World Economic Forum.

The dialogue focused on the need for deeper public-private cooperation – currently focused on helping manage the COVID-19 pandemic – as well as providing a boost to the country’s economic recovery. Indonesia is currently experiencing its first recession in 22 years, and like many nations, is in the midst of tackling the pandemic; the country surpassed half a million confirmed cases of the disease this week.

“I would like to express my appreciation to the World Economic Forum for hosting the Country Strategy Dialogue on Indonesia at such a pivotal time for our country and the world,” said President Joko Widodo. “The Government of Indonesia remains strongly committed to engaging in public-private partnerships that support the country’s path towards sustainable and resilient economic recovery.”

In his opening remarks, the president said that the enactment of the Omnibus Law will help improve Indonesia’s investment climate and legal certainty, adding that: “Significant support from the business community in its implementation is essential, as it will add value to the government’s efforts in handling the pandemic and supporting economic recovery in a balanced and synergetic manner.”

More than 50 global business leaders took part in an interactive virtual discussion, during which they listened and offered suggestions to the president and members of his cabinet, who laid out their plans for economic revival.

“Indonesia with its large population, is making impressive progress in fighting COVID-19, and at the same time is using this pandemic as a means to restructure, modernize and upgrade its economy,” said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum.

The president emphasized measures his government would be taking to manage the spread of COVID-19. The focus is on providing treatment and ultimately vaccinations for the population, while also cutting red tape to fast-track needed investment aimed at restoring Indonesia’s growth and securing its competitiveness post-pandemic.

Several important cabinet members, including Erick Thohir, Minister of State-Owned Enterprises and Retno L. P. Marsudi, Minister of Foreign Affairs, and Luhut B. Pandjaitan, Coordinating Minister for Maritime Affairs and Investment, took part in the dialogue. They presented details of the planned establishment of the country’s multibillion dollar sovereign wealth funds, implementation of the Job Creation Laws and planned investment incentives, as well as prioritizing environmental sustainability in recovery efforts, to ensure the country’s leadership in the area of green growth.

Global chief executive officers responded by presenting their plans for further investment and offered suggestions for collaboration.

James Quincey, Chairman and Chief Executive Officer of The Coca-Cola Company said: “I appreciate the government’s efforts to encourage investment, maintain sustainability at the centre of their rebuilding efforts and clearly communicate their ambition to work together with different stakeholders to create new and innovative ways to foster growth.”

The Government of Indonesia and the World Economic Forum have agreed to continue the dialogue aimed at developing multistakeholder solutions in areas such as mainstreaming low-carbon investments, supporting Micro Small and Medium-sized Enterprises (MSME) through reskilling and upskilling, and building long-term resilience for the country’s travel and tourism sector.

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Pakistan PM Khan Speaks with Global CEOs on Strategic Priorities in Post-Pandemic Era

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The World Economic Forum today hosted a “Special Dialogue with Prime Minister Imran Khan” for its members and partners, chaired by Forum President Børge Brende. The session gave chief executives from across the world an opportunity to hear directly from the prime minister on the factors behind Pakistan’s resilience to the economic shocks of the pandemic and his country’s post-COVID-19 recovery strategy.

In the virtual session, Khan explained the policy priorities of the Government of Pakistan, including regional connectivity projects like the China-Pakistan Economic Corridor (CPEC), and progress on talks to improve trade flows between Afghanistan and Pakistan following his visit last week to the Afghan capital. Khan also responded to questions from chief executives on promoting a digital economy in Pakistan and improving the enabling environment for long-term investors.

“My aim is for Pakistan’s economy to emerge greener, fairer and stronger from the pandemic. It is crucial for us to work with the international business community and partners like the World Economic Forum to share the important reforms underway here and help global businesses participate in the emerging opportunities in Pakistan,” said Imran Khan, Prime Minister of Pakistan.

“Pakistan’s economy has shown remarkable resilience to the pandemic, placing it in a strong position to rebound quickly from the shock. The Forum convened this dialogue with Prime Minister Khan for global business leaders to discuss the country’s economic response in greater detail and to understand where they could contribute to Pakistan’s ambitious recovery strategy,” said Børge Brende, President, World Economic Forum.

More than 70 members and partners of the World Economic Forum from around the world participated in the virtual session.

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