ITFC and ICD Convene Global Stakeholders to Address Climate Change and Food Security

Dubai, United Arab Emirates – 10 December 2023 – The International Islamic Trade Finance Corporation (ITFC) and The Islamic Corporation for the Development of the Private Sector (ICD) jointly organized a session titled "Climate change and food security: Agricultural adaptation measures and the role of agri-tech innovation in creating a sustainable, food-secure world" during the 2023 United Nations Climate Change Conference (COP28) in Dubai, the United Arab Emirates.

The event aimed to galvanize international collaboration and investment in sustainable agricultural adaptation measures, agri-technology (agri-tech), and supportive policies to strengthen coping mechanisms along food supply chains and transform the future of food on a global scale.

Eng. Hani Salem Sonbol, CEO at ITFC and Acting CEO at ICD emphasized in his opening remarks that there is an urgent need for collective action to address the interconnected challenges of climate change and food insecurity. He highlighted the critical role of agri-tech innovation and sustainable agricultural practices in achieving food security for all.

Eng. H. Sonbol also underscored that the private sector has a critical role to play in addressing this challenge, as it possesses the innovation, resources, and expertise to develop and implement sustainable solutions.

A panel discussion, moderated by Mr. Aymen Kasem, Division Manager, Trade Development at ITFC, featured prominent speakers, including Professor Sayed Azam-Ali OBE, CEO at Crops for the Future (CFF), Ms. Dina Saleh, Regional Director of the Near East, North Africa, and Europe Division at the International Fund of Agricultural Development (IFAD), Professor Hamadi Boga, Vice President for Programme Delivery at Alliance for a Green Revolution in Africa (AGRA), and Dr. Elvin Afandi, Division Head of the Corporate Strategy and Research Department at Islamic Corporation for the Development of the Private Sector (ICD).

The panel discussion explored diverse perspectives on the critical role of agri-tech innovation in building resilient and sustainable food systems. Experts highlighted the need for increased investment in research and development, capacity building, and knowledge sharing to accelerate the adoption of agri-tech solutions. They underlined the importance of collaboration among governments, development agencies, the private sector, and civil society to create an enabling environment for agri-tech to flourish.

The side event concluded with a call to collective action, urging all stakeholders to step up their efforts to harness the power of agri-tech innovation and sustainable agricultural practices to transform food systems and ensure food security for a growing global population in the face of climate change.

About the Islamic Corporation for the Development of the Private Sector (ICD)

ICD is a multilateral organization and a member of the Islamic Development Bank (IsDB) Group. ICD's mandate is to support economic development and promote the growth of the private sector in its member countries through providing financing facilities and/or investments in accordance with Shariah principles. Additionally, ICD offers advisory services to governments and private organizations to encourage the establishment, expansion, and modernization of private enterprises. ICD has received an AA/F1+ rating from Fitch and Aa3/P1 from Moody's.

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About the International Trade Financing Corporation (ITFC)

The International Trade Financing Corporation (ITFC) is a multilateral development institution that provides financing and trade development solutions to support economic growth and sustainable development in member countries. ITFC's efforts are aligned with the Sustainable Development Goals (SDGs) and focus on promoting trade-led growth, supporting small and medium-sized enterprises (SMEs), and fostering economic diversification.