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

Proshare

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.

 

Proshare Nigeria Pvt. Ltd.


Related News

1.       BOFIA Act Should Be Reviewed To Enhance Islamic Banking In Nigeria - Abdul -Wahab Saadudeen

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

3.      Reasons Why Islamic Finance Is Deployed For PPP Projects

4.      Standardization, Key To Bringing Certainty To Non-Interest Finance Market - Tosin Ajose

5.      Challenges Facing The Global Green Sukuk

6.      IsDB To Kickstart Flagship Islamic Finance Inclusion Programme For Women

7.       Stanbic IBTC Shariah-Compliant Fund Grows by 400% in February 2020

8.      ISDB, LSE Plc Partner To Boost Green Sukuk

9.      Improving Regulations For Nigeria's Non-Interest Finance Market

10.   Islamic Development Bank Announces Highest Ever $2bn Sukuk; Thanks Partners For Support

11.    Non-Interest Finance And Issues of Socio-Economic Development In Nigeria

12.   ICIEC Insured $10.86bn Worth of Businesses In OIC Countries In 2019

13.   FGN Sukuk III Issuance Is Coming Soon

14.   Interbank Operations Amongst Non-Interest Banks Will Improve The Alternative Finance Market

15.   Sukuk Issuance Rose in 2019 as Diversification Continues

16.   Opportunities for Sub-Nationals To Achieve Socio-Economic Development Through Sukuk


Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP