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#Coronanomics: ISDB Redoubles Efforts With $2bn Funding For OIC Members

Islamic Finance	1404 VIEWS
Islamic Finance
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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.