EVENTS
The panel on “Challenges for Trade Finance in Turbulent Times” addressed the critical role multilateral organizations can play when supply chains are disrupted.
PHOTO: EBRD
The impacts were not evenly felt: “Many African countries suffered due to the disrupted supply chains. The most affected countries are the agro importing countries. Meanwhile, in Asia we have seen a rise in the oil import bills of our main TFP partner countries,” Ms. Oszuszky said. The OPEC Fund again responded swiftly and as a forerunner: A US$1 billion food security action plan launched in early June served as the yeast that produced a US$10 billion aid package
by the Arab Coordination Group late the same month. First projects under the facility have already been signed. Strengthening its position as a multilateral development institution which is prepared and able to address long-term challenges as well as sudden emergencies, the OPEC Fund has now announced its first Climate Action Plan (see pages 6-13). The OPEC Fund started its trade finance operations in 2007, just before the
economic crisis of 2008/09. The Fund offers a wide range of trade finance products, both on a funded and unfunded basis. The OPEC Fund supports corporates, governments, government agencies as well as financial institutions in their trade finance needs.
Sasaenia Paul Oluwabunmi, Country Manager, West & Central Africa, Public Sector Operations “Although I still drive to the office at times, in recent times, I’ve become more aware of my carbon footprint. As such, I increasingly rely on my bicycle for short trips within Vienna, and I lean more towards virtual appraisal missions rather than physical trips.”
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