The International Islamic Trade Finance Corporation has provided $10m to Mauritania specifically to procure medicine and equipment to help them in the struggle against COVID-19.
Based on the Mauritania Economic Update 2020 (World Bank), the COVID-19 pandemic will have a major impact over the short- and medium-term as the country witnessed about 7,000 cases of COVID-19 with over 150 deaths.
The $10m Murabaha financing, which was requested by Mauritania, is part of the ITFC assistance to the country under its COVID-19 Rapid Response Initiative.
Specific medical equipment urgently needed include intensive care unit ventilators, protective uniform suits, face shields, surgical gloves, and disposable face masks.
The executing agency for the financing will be Central Purchasing of Medicines, Equipment and Medical Consumables.
Commenting on ITFC’s approval for the financing, Hani Salem Sonbol, ITFC CEO, said, “Following the social and economic pressures facing countries around the world as a consequence of the novel coronavirus, ITFC has facilitated access to financing for a number of member countries of the Organisation of Islamic Cooperation.
“The ITFC is committed to doing all it can to contribute to enhancing the protection of medical frontliners, reduce transmission and mitigate the health, social and long-term economic impact of this terrible disease in Mauritania.”
As of the end of 2019, ITFC provided over $650m of financing in favour of Mauritania to support key sectors including energy, food, agriculture and health.
