CFC deepens its engagement with the European Union
Ambassador Sheikh Mohammed Belal, Managing Director of the Common Fund for Commodities (CFC) met H.E. Mr. Didier Herbert, Head of Representation of the European Commission in the Netherlands. They discussed the activities of the Common Fund for Commodities as well as ways of future cooperation at this challenging time of the pandemic and the war in Ukraine.
European countries were instrumental in establishing the CFC as an international financial organizations under the auspices and leadership of the United Nations Conference on Trade and Development (UNCTAD). The European Commission has been an institutional member of the CFC since its creation. Ambassador Belal briefed H.E. Mr. Didier Herbert on the current as well as probable future initiatives of the CFC and its impact on the ground.
Ambassador Belal also shared on the ongoing initiative on the formulation of a fund titled CIIF (Commodity Impact Investment Facility) designed to enable CFC to contribute more for alleviation of poverty. Once CIIF is formed the European Union would be welcome to join this impact investment fund as an anchor investor.
Ambassador Belal further requested H.E. Mr. Didier Herbert to help CFC by reconnecting with the responsible persons in their system so that current and future initiatives of the CFC as well as the new initiative and financial tools on Impact Investment can be briefed to the concerned.
In response, H.E. Mr. Didier Herbert mentioned that he has taken note of the discussion as well as noted the compliments for the EU for its support and contribution to the CFC member states. He further assured of his best to reconnect the CFC with the right person in the EC and hope for increased cooperation between EC and CFC in the days to come for the cause of sustainability.