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IsDB Supports OIC Countries With $730m To Combat COVID-19

Islamic Finance	1317 VIEWS
Islamic Finance
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Tuesday, March 24, 2020 /10:23 AM / Bukola Akinyele for WebTV / Header Image Credit: Twitter; @isdb_group

As the Coronavirus global pandemic hits over 40,000 cases with over 14,000 deaths the Islamic Development Bank, IsDB is working assiduously to support member states of the Organization.

Through a structured 'Strategic Preparedness and Response Facility' the IsDB is providing $730m to focus on mitigating the adverse impact of the pandemic.

From the breakdown of the IsDB relief fund $280m will go into sovereign projects/programs, while $300m has been assigned to trade and finance and $150m has been slated for insurance coverage of export products of members.

According to the IsDB President "The IsDB at all levels, has now migrated to a full Business Continuity virtual mode and is totally resilient in the face of COVID-19 and menaces of a similar nature. We continue to serve our clients worldwide from Jeddah and from our nine (9) Regional Hubs across four continents".

The COVID-19 has led to massive lockdowns in developed economies across the globe with policy adjustments designed to navigate the socio-economic issues resulting from the pandemic.

It is also expected that measures will be taken to strengthen the healthcare system across OIC member states, as the unprecedented crisis requires robust response steps to curtail a large scale outbreak in the Gulf Countries.

The IsDB will work closely with other development financing institutions to mobilize resources to support countries adversely affected by COVID-19.

Experts, economists, global policy makers and scholars have warned that a prolonged "Coronavirus" spread could lead to another global economic downturn.