The Islamic Development Bank Group, in partnership with the United Arab Emirates Ministry of Economy and Annual Investment Meeting, will on July 6 host a live webinar entitled ‘IsDB Group Private Sector Action Response to COVID-19’ to discuss the challenges facing the private sector and global economy amid the Coronavirus Disease outbreak.
Minister of Economy, UAE, Sultan Al Mansoori, and President of IsDB Group, Bandar Hajjar will inaugurate the webinar.
The live session will also present the immediate joint action response of the IsDB Group Private Sector Entities namely, the Islamic Corporation for Insurance of Investments and Export Credits, Islamic Corporation for the Development of the Private Sector, and the International Islamic Trade Finance Corporation, to overcome the pandemic.
In addition, the webinar will highlight the IsDB Group’s $2.3bn Strategic Preparedness and Response Programme for COVID-19 under its 3Rs approach – Respond, Restore and Restart.
The keynote speakers who will share their in-depth perspectives in the webinar include Egypt’s Minister of Trade and Industry, Mrs. Nevin Gamea; the Chief Executive Officer of ICIEC, Mr. Oussama Kaissi; the Chief Executive Officer/General Manager of ICD, Mr. Ayman Sejiny; the CEO of ITFC, Hani Sonbol; and the ChairmanCEO of Meyer Resources, Ms. Cornelia Meyer.
Kaissi stated: “While the disruption to global trade and investment flows is unavoidable due to the unprecedented nature of the pandemic, it is essential that institutions with the mandate and means to stabilise the trade ecosystem during the crisis heighten their efforts to do so. ICIEC is honoured to be a part of this webinar with the UAE Ministry of Economy and our IsDB Group peers to share how we are employing our multilateral insurance solutions towards the collective recovery of member countries.”
On his part, Sejiny stated, “The private sector can play a pivotal and proactive role to close funding gaps in the COVID-19 response. It is capable of minimising short-term risks to employees and long-term costs to businesses and the economy as a whole. ICD will work closely with 100+ local and regional financial institutions in its network to provide necessary support, so they can continue to fund private sector, particularly SMEs in affected sectors within the markets they operate in.”
Sonbol added, “Since the outbreak of the pandemic, ITFC has moved quickly to put in place emergency financing measures to ensure that member countries continue to receive the support needed. Our COVID-19 ‘Rapid Response Initiative’ has made $300m immediately available. This has facilitated the immediate access to medical equipment, the supply of staple foods and critical energy needs. Continuing to work closely with IsDB and partners, ITFC is moving forward with its Recovery Response Plan with the provision of $550m for deployment over the next two years. The RRP is aimed at fixing the socio-economic damage which is expected to last longer than immediate impact of the virus; including the provision of lines of financing to fund the private sector and SMEs.”