IsDB provides $2.3bn for COVID-19, launches online initiatives

A crowd of over 1000 government officials, individual investors, business associations, multilateral and financial institutions, came together to celebrate in the IsDB Group Private Sector Action Response to COVID-19 webinar and launch of new online initiatives by the Islamic Development Bank Group Private Sector Entities in partnership with UAE Ministry of Economy and AIM.

The webinar was inaugurated by Dr. Bandar Hajjar, President of IsDB, Mrs. Nevin Gamea, Minister of Trade and Industry of Egypt, and Abdullah Ahmed Saleh, Undersecretary of UAE’s Ministry of Economy.

The main objective of the webinar was to discuss the challenges facing the private sector and the global economy during the COVID-19 outbreak.

The IsDB 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, the organisation said was to promote and provide a robust platform for the investment and prosperous trade opportunities in member countries.

Hajjar 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 mobilize 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.”

One of the keynote speakers at the webinar, Oussama Kaissi, the Chief Executive Officer of the Islamic Corporation for the Insurance of Investment and Export Credit, 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.”

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