The Islamic Foundation: We support regional integration initiatives to adapt to climate change

The International Islamic Trade Finance Corporation (ITFC)ITFC), in cooperation with the Egyptian Ministry of International Cooperation and the African Export-Import Bank “Afrixbank”, a workshop on developing regional value chains within the framework of the African Continental Free Trade Area as an initiative to confront climate change within the activities of the Egypt Forum for International Cooperation and Development Finance, in the new administrative capital of the Arab Republic of Egypt.

The workshop was attended by Dr. Ahmed Samir Saleh, Minister of Trade and Industry of the Arab Republic of Egypt, Amin Othman May, Minister of Economy, Planning and Regional Development of the State of Cameroon, and Engineer Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation (ITFC).ITFCand Acting CEO of the Islamic Corporation for the Development of the Private SectorInternational Classification of DiseasesHis Excellency Eng. Nasser Al-Thukair, Director General of the Department of Trade and Business Development at the International Islamic Trade Finance Corporation, His Excellency Dr. Hippolyte Vuvac, Chief Economist at Afriximbank, Linonel Rabel, Director of Neighborhood Operations at the European Investment Bank, and Sameh Shenouda, Executive Director and Investment Manager atAsian Football ConfederationDr. Gainemore Zanamoy, Chair, Africa Environmental Trade Initiative, Afriximbank, and Themba Kumalo, Principal Adviser for Industrial Development, AfCFTA Secretariat.

The workshop dealt with ways to benefit from the competitiveness of the African continent, especially through the current capabilities of producing green goods and services in African countries. Its economic position and the availability of more trade opportunities among African countries.

During his speech, Engineer Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation, stressed that the Corporation is strengthening its regional projects through the Arab-African Trade Bridges Program and through the African Continental Free Trade Area Agreement in order to define financing objectives and climate-friendly interventions in the continent of Africa. Noting that the Foundation is working with its partners to conduct a fruitful conversation on regional integration initiatives to develop regional value chains and adapt to climate change in order to build climate-friendly strategies that contribute to the sustainable development of the African continent.

He stated that the African continent faces two challenges to adapt to climate changes, the first is the need to rethink the development approach in line with the current reality, in which it is still highly dependent on foreign markets, and the second is the huge amounts of funds required to adapt to these climate changes, so Regional integration must be worked on through the African Continental Free Trade Area, which is the largest free trade area in terms of the number of participating countries and which can provide the necessary capacity to attract investments to Africa in higher value-added production and generate growth driven by innovation and entrepreneurship, by linking markets In Africa.

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