Latest news with #ruraldevelopment
Zawya
18 hours ago
- Business
- Zawya
ADFD, Kenya strategic partnership supports sustainable development
ABU DHABI: Aligned with its support for the United Nations Sustainable Development Goals, Abu Dhabi Fund for Development (ADFD) continues to support projects that enhance infrastructure, strengthen vital services, and improve quality of life for communities in partner countries. Reflecting this strategic focus, the Fund has cultivated a strong and impactful partnership with Kenya, which stands as ADFD's strategic partner in advancing sustainable development across the African continent. ADFD's strategic collaboration with Kenya underscores its commitment to enable rural development through financing impactful transport and energy projects. These investments reflect the UAE's role as an international partner in supporting the economic progress and social development of other nations. Throughout the partnership, ADFD has financed a portfolio of development projects in infrastructure, energy, water, health, and education, with a total value of approximately AED 620 million, contributing significantly to Kenya's Vision 2030. Among the Fund's most transformative contributions is the 136-kilometer Nuno–Modogashe Road Rehabilitation Project which was upgraded from an unpaved track to a fully developed roadway, linking Garissa County to surrounding areas. With a loan of AED 36.7 million, the project resulted in safer and more efficient transportation, bolstered regional commerce, and strengthened social cohesion between rural communities, improving the lives of approximately 200,000 locals in rural communities. The road also provided the opportunity for children -particularly girls - to have safe and easy access to schools and education services, as well as improved access to goods and services for families and small business owners. Additionally, ADFD's funding of the Kenya Rural Electrification Project, with a loan of AED 36.7 million, further highlights its role in advancing inclusive development. By expanding the national grid to reach thousands of homes and public facilities in remote regions, the project has enhanced living conditions, increased economic opportunities, and created a conducive environment for small businesses and agricultural enterprises. The development of power distribution stations and new transmission lines has also ensured reliable access to electricity for schools, clinics, and farms, benefiting over 20,000 people. These efforts are aligned with Kenya Vision 2030 and the UN Sustainable Development Goals, which supports the development of pillars including infrastructure, education, healthcare, and inclusive economic growth. ADFD remains committed to investing in impactful development projects across Africa and other emerging regions, with the aim of enhancing quality of life and empowering communities to build a more resilient and prosperous future.
Yahoo
3 days ago
- Business
- Yahoo
Trip.com Group Pioneers a Greener, More Inclusive Global Travel Ecosystem in 2024 Sustainability Report
Group launches new full-scale carbon emissions data feature across transport modes Country Retreats Programme expands to more global destinations, driving rural development Championing greater inclusion in the workplace SINGAPORE, July 1, 2025 /PRNewswire/ -- Group, a leading global travel service provider, has released its latest Sustainability Report. The report highlights the company's significant progress in sustainability, centred around its "Friendly Four" framework - Stakeholder-Friendly, Community-Friendly, Family-Friendly, and Environmentally-Friendly. It captures key highlights of the Group's efforts to advance a more sustainable and inclusive future through innovation, collaboration, and responsible growth. Comprehensive carbon emissions data launched across transport and accommodation modes As part of its commitment to making sustainable travel accessible, Group has launched a new feature that offers quantified carbon emissions data across all major transportation services - including flights, car rentals, airport transfers, and trains (European trains). With the support of the Association of Car Rental Industry System Standards (ACRISS), users can now view tailpipe CO₂ emission data for car rental listings and compare the emissions of electric, hybrid, and traditional vehicles. A similar informative function for airport transfers further empowers travellers to be informed with greener mobility choices across every leg of their journey. The Group's wider environmental efforts continue to scale. In 2024 alone, the Group has encouraged travellers to place over 100 million orders on more sustainable travel products. Solar panel installations at the Group's headquarters and rural retreats generated 457 MWh of clean electricity, offsetting more than 245 tons of CO₂ emissions. Additionally, Group increased its use of green electricity in leased data centres to 42.6%, underscoring its commitment to long-term decarbonisation and its 2050 carbon neutrality goal. Additionally, for the first time, the Group's report includes all categories from Scope 3 carbon emissions - covering sources such as leased data centres and business travel, to support more comprehensive tracking and target-setting in line with group's carbon neutrality target by 2050. Country Retreat Programme expands to more global destinations Group continued to make meaningful contributions to rural development and public safety through tourism. Its flagship Country Retreat Programme expanded to 34 sites, generating more than 40,000 indirect job opportunities. Over 80% of employees at these retreats are local residents, and participating villages reported an average rise in per capita income of USD 5,500. This year, the programme will expand to more global destinations. Additional childcare leave days, subsidies, and gender equity anchor Group's family-first culture Group has also strengthened its position as a leading family-friendly workplace. Women now account for 57.1% of its global workforce, with representation at senior and middle management levels reaching 32.7% and 43% respectively, and over 61.2% at entry-levels. The Group's hybrid work programme, launched in 2022, has been used over 630,000 times by employees, saving an estimated 1.25 million commuting hours and enhancing work-life flexibility. As part of its efforts to support families, the Group also provided an additional three days of childcare leave starting April this year to help working parents better balance personal and professional responsibilities. In addition, the group has enhanced its benefits for female employees seeking assisted reproductive medical services. Apart from egg freezing, eligible staff can receive a higher amount of subsidy of up to $20,900 USD for in vitro fertilisation. Meanwhile, the childcare subsidy programme, introduced in 2023, has provided cash bonuses for more than 900 children, with over USD 468,000 distributed in 2024 alone. Strong rating reinforces Group's governance focus Group continued to raise the bar in corporate governance, earning an A rating from MSCI ESG. Globally, the Group hosted two partner summits and deepened collaboration with more than 230 destination marketing organisations to drive inclusive tourism development. Ms Jane Sun, CEO of Group, said, "The ability to operate and grow more sustainably will be among the most critical factors for future competitiveness. We believe that sustainable development is a long-term journey requiring deep and enduring commitment. Together with our users, partners, and employees, we are working to build a future where every journey brings us closer - to one another, and to the perfect trip for a better world." For more information on Group's Sustainability report, please visit here. About Group Group is a leading global travel service provider comprising of Ctrip, Skyscanner, and Qunar. Across its platforms, Group helps travellers around the world make informed and cost-effective bookings for travel products and services and enables partners to connect their offerings with users through the aggregation of comprehensive travel-related content and resources, and an advanced transaction platform consisting of apps, websites and 24/7 customer service centres. Founded in 1999 and listed on NASDAQ in 2003 and HKEX in 2021, Group has become one of the best-known travel groups in the world, with the mission "to pursue the perfect trip for a better world". Find out more about Group here. Follow us on Twitter, Facebook, LinkedIn, and YouTube. SOURCE Group Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Forbes
3 days ago
- Business
- Forbes
Complex Financing For Micro Enterprises In Indonesia Wins Grunin Prize
In Indonesia, micro, small, and medium enterprises (MSMEs) are a significant part of the economy, providing 60% of GDP and employing 97% of the workforce. Many of those businesses are micro enterprises—and access to financing gets harder the further down the pyramid you go, especially in rural areas. Feng Lin, senior counsel at IFC With that in mind, two years ago, International Finance Corporation (IFC), the private sector arm of the World Bank, and PT Amartha Mikro Finance (Amartha), a fintech P2P platform that uses alternative data and technology to reach borrowers not served by traditional banks, started work on a new structure for providing micro-finance loans to under-served female micro entrepreneurs in rural Indonesia. The structure, they figured, would allow Amartha to tap financing that could potentially be scaled to up to $206 million and help women borrowers in rural and small towns to get access to $50 to $1,000 loans. The two organizations then reached out to legal counsel to help create the complex approach. Eventually, that included IFC Legal (IFC's in-house legal team), Pinsent Masons (IFC's external counsel, English and Singapore Law), Jardin Legal (IFC's external counsel, Indonesian law) and TRILEXICA (Amartha's external counsel, Indonesian law). The project just won the 2025 Grunin Prize for Law and Social Entrepreneurship. Administered by NYU School of Law's Grunin Center for Law and Social Entrepreneurship, 'it aims to reward the innovation, potential impact, and replicability and/or scalability of projects and solutions developed by lawyers to advance the fields of social entrepreneurship, impact investing and sustainable development.' Challenges and Features Because many potential borrowers live in areas without bank branches, Amartha's digital lending capability was essential. In addition, many aren't likely to get bank financing in the first place. But, while Amartha had technology and data, it also had small balance sheets. Plus, according to Feng Lin, senior counsel at IFC, there was no securitization framework in Indonesia. 'In a conventional securitization, you need to have an existing portfolio on the balance sheet that you purchase. You purchase the risk and reward, and you are at the back end,' says Asif Mustaqim, principal invstment officer at IFC. 'But in this case, the balance sheets were very small. So we had to come up with a structure whereby you delivered a securitization type of instrument and investors who came in would take the full risk and reward.' (l to r) James Harris, partner at Pinsent Masons, Asif Mustaqim, principal investment officer at ... More IFC, and Feng Lin With no existing portfolio, how to bridge the gap? The answer was to create a structure with junior and senior tranches, establishing an orphan Special Purpose Vehicle (SPV) in Singapore to act as the lender of record. Thus, Amartha would service the loans, with lenders funding the SPV, which would draw down tranches as needed and directly lend to entrepreneurs. 'The solution worked to deal with both local regulatory constraints and the limitation caused by the small balance sheet,' says Lin. IFC and eight investors contributed approximately $170 million. Specifically, IFC committed $25 million and attracted the rest from banks, impact funds, and global insurers. There's also interest from fintechs and banks in the Philippines, Japan, and Hong Kong in replicating the model, according to Mustaqim.
Asharq Al-Awsat
5 days ago
- Business
- Asharq Al-Awsat
Saudi Arabia, IFAD Partner to Fight Hunger
Amid a widening global food gap and the mounting impacts of climate change, the International Fund for Agricultural Development (IFAD) has underscored the vital importance of boosting support for agricultural and food-related activities to drive sustainable development in rural areas. The UN agency praised its strong and multifaceted cooperation with Saudi Arabia, highlighting key areas of focus that include food security, rural development, and strengthening resilience to environmental changes. IFAD is also ramping up efforts to promote the 'blue economy' as part of its broader strategy to support sustainable development, particularly in rural and coastal communities, a senior official told Asharq Al-Awsat. Naoufel Telahigue, IFAD's Regional Director for the Near East, North Africa and Europe, said the Rome-based UN agency is working to scale up sustainable use of oceans, seas, and water resources to drive economic growth, improve livelihoods, and safeguard marine ecosystems. 'The blue economy is an emerging development approach that recognizes the economic potential of our marine and aquatic resources—when used sustainably,' he said. According to Telahigue, IFAD has implemented more than 100 projects across 35 countries over the past four decades, with total investments exceeding $3.4 billion, of which the Fund contributed $1.5 billion. These projects have reached over 80 million beneficiaries, including fishers, aquaculture farmers, seafood processors, traders, as well as women, youth, Indigenous peoples and persons with disabilities. Currently, over 75 active IFAD-supported projects target fisheries, aquaculture, and livelihoods in coastal zones. The blue economy spans a range of sectors, including sustainable fishing, aquaculture, coastal tourism, marine renewable energy, maritime transport, and waste management. Telahigue said IFAD is focused on helping rural populations reduce poverty, boost food security, improve nutrition, and build resilience to environmental shocks. Since its establishment in 1978, IFAD has provided more than $25 billion in low-interest loans and grants to fund development projects in low- and middle-income countries. Telahigue pointed to a set of challenges hampering IFAD's mission, including limited funding amid rising global crises, the growing impact of climate change on livelihoods, and poor infrastructure in targeted regions. He also highlighted political instability and armed conflict as key obstacles to project implementation and sustainability. 'The lack of inclusivity and equal access to resources remains a major concern,' he added. To address these issues, Telahigue called for strengthening partnerships, adopting innovative financing solutions, and developing flexible, community-based interventions. He stressed the importance of improving monitoring and evaluation systems to ensure long-term sustainability and maximize impact. Saudi Arabia continues to provide robust and diversified support to the International Fund for Agricultural Development (IFAD), with a focus on rural development, food security and climate change adaptation, a senior official at the UN agency said. As a founding member of IFAD, the Kingdom has contributed more than $485 million since 1977, reflecting its long-standing commitment to poverty reduction and strengthening food systems in developing countries, said Telahigue. He described the opening of IFAD's liaison office in Riyadh in 2019 as a pivotal step toward deepening partnerships with Gulf Cooperation Council (GCC) countries, facilitating knowledge exchange, and rolling out innovative initiatives. Among them is the 'reimbursable technical assistance' program, which supports smallholder farmers in Saudi Arabia's Jazan region with climate-smart production models for crops such as coffee and mango. In 2021, IFAD signed a cooperation agreement with the King Salman Humanitarian Aid and Relief Center to combat hunger and malnutrition in the world's most vulnerable countries by improving sustainable access to food. Telahigue said IFAD's goals align closely with Saudi Arabia's flagship environmental initiatives, including the Saudi Green Initiative and the Middle East Green Initiative, which aim to restore ecosystems and promote environmental sustainability—both on land and across marine and coastal zones.
Arab News
5 days ago
- Business
- Arab News
$38m Saudi loan to boost Tunisia's southern regions
Riyadh: Saudi Fund for Development CEO Sultan Al-Marshad signed a new development loan agreement with Tunisian Minister of Economy and Planning Samir Abdelhafidh to finance the Oasis Hub Project in southern Tunisia. The loan, exceeding $38 million, was signed in the presence of Saudi Ambassador to Tunisia Abdulaziz Al-Saqr. The agreement reflects a strong development partnership spanning nearly 50 years, the Saudi Press Agency reported. The Oasis Hub Project aims to support sustainable rural development by reclaiming more than 1,000 hectares of agricultural land across various Tunisian regions. It includes drilling and equipping 22 wells, expanding rural villages and infrastructure, and building more than 285 housing units for local residents. The agreement is part of the Saudi fund's ongoing efforts to promote sustainable development in Tunisia by financing infrastructure that improves living standards, creates jobs, and supports the Sustainable Development Goals. The project will enhance regional infrastructure through the construction of roads, pipelines, and water networks for drinking and irrigation. It will also support educational institutions, agricultural facilities, and cultural, social, and commercial centers. These efforts aim to improve quality of life and drive economic and social growth in Tunisia's southern governorates, the SPA reported. Since beginning operations in Tunisia in 1975, the Saudi fund has financed 32 development projects and programs through concessional loans totaling more than $1.2 billion, along with grants exceeding $105 million. On the sidelines of the signing, Al-Marshad met with Tunisian Prime Minister Sarra Zaafrani Zenzri in Tunis, joined by Abdelhafidh, Al-Saqr, and other officials. The meeting explored ways to strengthen development cooperation and highlighted the decades-long partnership, especially in financing key projects in Tunisia. Al-Marshad also met with Tunisian Minister of Health Dr. Mustapha Ferjani to discuss ongoing health projects funded by the Saudi fund and potential support for the Tunisian health sector.
