Coronanomics: ICIEC Pledges $150m In Insurance Coverage For OIC Members


Wednesday, March 18, 2020 / 4.00PM / Bukola Akinyele for WebTV / Header Image Credit: ICIEC


As the Global Coronavirus pandemic hits over 7,000 deaths and 200,000 reported cases in over 100 countries, the Islamic Corporation for the Insurance Investment and Export Credit (ICIEC) has pledged $150m as insurance coverage for the investments of Organization of Islamic Countries (OIC) member states.


The $150m pledge will also help to sustain imports of strategic commodities and minimize volatility in the market for the members of the OIC.


This is in solidarity with the Islamic Development Bank, IsDB that has earmarked about $730m as a "Strategic Preparedness and Response Facility" to help nations in the OIC, to mitigate the impact of the COVID-19.


The fund is part of the critical relief measures designed the cushion the effects of COVID-19 on households and businesses within the OIC axis.


The Director-General of the World Health Organization Dr. Tedros Adhanom Ghebreyesus has called for a collective global action to strengthen the Health Systems to enhance the response to the pandemic.


On its part the International Monetary Fund (IMF) made a strong case for triple alignment of fiscal, monetary and regulatory policies to address the issues of the coronavirus pandemic at sovereign levels.


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