Islamic Development Bank Group designates US$2.3B for COVID19 impact alleviation program

Islamic Development Bank Group

MENA – The Islamic Development Bank (IsDB) has designated a total of US$2.3 billion for programs meant to alleviate the adverse impacts of the raging COVID19 pandemic.

The IsDB Group’s response package includes US$ 700 million from the Bank’s private sector entities (ICIEC, ICD and ITFC).

The Islamic Bank made this known during a webinar that was held early this month to discuss the challenges facing the Private Sector and Global Economy during the COVID-19 outbreak.

IsDB in a statement revealed that the US$2.3 Billion will be used to fund the Bank’s Strategic Preparedness and Response Programme for COVID-19.

The program according to the Islamic Development Bank is being implemented under a 3Rs approach “Respond, Restore and Restart”.

The prime goal behind the initiative, according to the Islamic Development Bank, is to promote and provide a robust platform for the investment and prosperous trade opportunities in Member Countries.

The Islamic Development Bank partnership with UAE Ministry of Economy and AIM also launched 3 online initiative during the webinar to help OIC Member Countries’ economy and support the private sector, trade, exports and FDI in Member Countries.

The first initiative was Digital Country Presentations to promote and showcase the forthcoming investment and trade opportunities in OIC Member Countries.

Made In Series was the second initiative launched as an excellent opportunity presented for SMEs to showcase their local products, projects and services to a pool of international audiences.

Startups Pitch Competition was the third initiative launched to provide an opportunity for startups to participate in a local pitch competition, enabling the winners to present their countries in the international startups platform and secure a robust development for their entities.

The Islamic Development Bank noted that this initiative tied with Annual Investment Meeting will abet in an upsurge in Foreign Direct Investment growth whilst stimulating trade and investment opportunities in targeted countries.

The Bank noted that affected OIC Member Countries’ economies will be supported during this challenging period by seeking a pool of potential partners to finance trade and infrastructure projects that will lead to a rise in job creation and an increase in Gross Domestic Product.

In addition, the Islamic Bank’s initiative will also support the SMEs to thrive and improve the country’s export.

Post the COVID-19 period, it will be evident that markets are recovering gradually. IsDB Initiative will thus cater to supporting developing countries and economies by generating business growth and co-financing investment and trade prospects in member countries.

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