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Friday, March 27, 2020 / 07:00PM / Bukola Akinyele for WebTV / Header Image Credit: @isdb_group
In addition to
the initial relief package it released to member OIC states. The Islamic
Development Bank (IsDB) has announced the an additional $2bn in funding.
The new
package based on a philosophy of "Respond, Restore, Restart" is a comprehensive
integrated response package to support member countries in combatting the
pandemic.
This will be
achieved through partnership with member states and will align with the G-20
principles, to
ensure proper governance and coordination among stakeholders.
According
to the IsDB President Dr Banda Hajjar "We recognize the great work of the
G20 leadership under Saudi Arabia's leadership. IsDB is working with other MDBs
to deliver the "Three Rs " which aligns with the principles of G20's Respond,
Restore and Restart . The programme is designed to ensure coherent coordination
among stakeholders in tackling COVID-19".
He applauded the G20 for
its role in mobilizing leaders at the #G20VirtualSummit to support the global #COVID-19 response.Dr Hajjar also praised the conversations at the summit which focused on how
effective coordination and partnerships can address the #COVID-19 pandemic and offer support to the world's most vulnerable.
Speaking further he said "I believe this is an opportunity to shift towards actively shaping and
creating markets that deliver sustainable and inclusive growth, rather than
continue limiting our role at the government and international community level
to reacting to market failures. We can proactively invest in creating and
strengthening institutions that prevent crisis. We can coordinate scientific
and technological responses, and research and development activities steering
them towards public good. We can forge Public-Private-Philanthropic-People-Partnerships
to ensure both citizens and economies are going to benefit".
Hajjar believed that the pandemic demonstrated the
need for more investment in science, technology and innovation. The IsDB
President called on world leaders to support all these efforts - especially
around scientific research and development - and re-evaluate what threats
deserve more of individual and collective action.
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