EVENTS TRADE FINANCE IN TUMULTUOUS TIMES
Agenda 2022 EBRD TFP Trade Finance Forum
Istanbul, Turkey - 21-22 September 2022
Karin Oszuszky speaks at the EBRD TFP Trade Finance Forum in Istanbul and discusses the impact of current challenges on global trade By Axel Reiserer, OPEC Fund
EVENT: 2022 EBRD TFP Trade Finance Forum
Ritz-Carlton, Suzer Plaza, Askerocagi Caddesi, No:6, 34367 Elmadag/Sisli, Istanbul
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F or decades the doctrine of “change through trade” was regarded as a useful and mutually beneficial strategy of co-existence between nations which do not necessarily share the same political system and philosophy. Recent events have cast serious doubts about the validity and practicability of this approach. As a leading player in trade finance the European Bank for Reconstruction and Development (EBRD) invited industry practitioners and experts to its traditional Trade Finance Forum in mid-September to Istanbul to discuss key challenges for global trade. Karin Oszuszky, Acting Senior Investment Manager in the Private Sector and Trade Finance Operations team, represented the OPEC Fund at the forum. Among many other engagements she participated in a panel on “Challenges for Trade Finance in Turbulent Times” together with Clarine Stenfert, Multilateral Investment Guarantee Agency (MIGA), Marc Auboin, Counsellor, World Trade Organisation (WTO), Marck Wengrzik, Managing Director, AKA Ausfuhrkredit-Gesellschaft mbH, Peter Mulroy, Secretary General, FCI, and Sean Edwards, Chairman, International Trade & Forfaiting Association (ITFA). In her remarks Ms. Oszuszky elaborated how the OPEC Fund responded to the COVID-19 pandemic with an action plan adopted and
implemented at unprecedented speed: “We saw a lot of uncertainty in the market”, she said and therefore it was crucial for multilateral organizations to step in when supply chain disruptions threatened the global economy. We continued to support our traditional partners as well as attracted new counterparties and stepped up our cooperation with our trade financing partners.” The picture of the Ever Given container ship stuck in the Suez Canal in March 2021 and effectively acting like a global plug became one of the defining images of our times. The mammoth ship was eventually set back on track, but the global economy was soon to face new challenges. After the Russian invasion of Ukraine in February this year essential shipments of foodstuff and fertilizers via the Black Sea came to a halt for many months.
We continued to support our
traditional partners... and stepped up our cooperation with our trade financing partners.
Karin Oszuszky, OPEC Fund Acting Senior Investment Manager, Private Sector and Trade Finance Operations
The Ever Given container ship stuck in the Suez Canal, March 2021
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