The Islamic Development Bank Group has launched an online initiative to tackle COVID-19, committing $2.3bn to the cause.
In a webinar organised by the bank, participants including multilateral and financial organisations discussed the challenges facing the private sector and global economy during the coronavirus pandemic.
The IsDB also presented immediate joint action response and the future outlook to combat the COVID-19 pandemic, while incorporating the new reality. The webinar highlighted the IsDB’s $2.3bn strategic preparedness and response programme for COVID-19 under its 3Rs’ approach, ‘Respond, Restore and Restart.’
A prime goal behind the initiative, according to a statement by the bank is to promote and provide a robust platform for the investment and prosperous trade opportunities in member countries.
Estimated numbers of FDIs attractions in member countries show the annual FDI Inflows and Outflows in 2019 that help to assess imminent prospects and growth opportunities.
Bandar Hajjar, President of IsDB, stated “The IsDB Group is tirelessly working to alleviate the impact of COVID-19 on the economies and people of our member countries. The IsDB Group’s response package consists of $ 2.3bn, which includes $700m from our private sector entities. We aim to mobilise every dollar we can. The collaboration between the IsDB Group private sector entities and UAE Ministry of Economy and AIM through the online initiatives will significantly increase the Foreign Direct Investment inflows into our member countries which will definitely help in achieving the SDGs.”
Oussama Kaissi, the Chief Executive Officer of the Islamic Corporation for the Insurance of Investment and Export Credit and one of the keynote speakers in the webinar, stated: “The effects of the coronavirus pandemic on trade and SMEs is of particular concern to ICIEC. Harsh conditions for global trade are exacerbated by the tightening of the export credit insurance market – leaving many member country businesses highly exposed.
Now more than ever, international partners must come together in solidarity to support countries as they face this once in a generation crisis. It is essential for ICIEC to provide support in stabilizing the trade ecosystem while also planning for recovery across our 47 member countries. The Corporation is playing a critical role in recovery by addressing market gaps and targeting immediate needs for priority sectors such as pharmaceuticals, healthcare supplies and agricultural commodities.”
“The COVID-19 pandemic has impacted most OIC member countries on the economic, financial, and social fronts, some more severe than others. In a bid to extend support, shore up demand, and protect people’s jobs and livelihood, ICD has set up a dedicated US$ 250 million respond package to aid SMEs and the private sector in affected countries. The emergency funding would be mainly in the form of medium to long-term financing instruments to alleviate the economic burden faced by existing and new clients.”