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Islamic Finance | |
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Friday, April 17, 2020 / 1.00PM / Bukola Akinyele for WebTV / Header Image Credit: @isdb_group
As the confirmed number of cases of the novel coronavirus (COVID-19)
hits over 2million, the adverse effect of the virus on the global economy has
been unprecedented with leading economies like the United States, United
Kingdom, China, France amongst others beginning to show early signs of
recession.
According to the International Monetary Fund (IMF) a deep recession is
looming over the globe, with Low-Income countries expected to feel a severe
impact of the downturn.
Understanding this challenge the Islamic Development Bank (IsDB) has
stepped up its intervention commitment with a $2.3bn response fund for the
Organization of Islamic Countries (OIC).
The week's edition of WebTV's Islamic Finance Weekly highlights some of
the areas of intervention of the $2.3bn fund.
In an innovative manner the Multi-lateral Development Bank has taken the
bold step of leveraging technology, by deploying blockchain as a means of funds
disbursements.
The
fund is part of the Strategic Programme for Preparedness and Response to the
COVID-19 Pandemic for OIC Member Countries.
According to the President of the IsDB Dr Banda Hajjar, "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 research and development activities
while steering them towards public good. We can forge
Public-Private-Philanthropy-People-Partnerships to ensure both citizens and
economies benefit".
The ISDB has already provided funds to assist the following countries;
In addition to the aforementioned countries the IsDB has expanded its
assistance to other nations in another round of interventions, and these
include;
Also through the already established "Transform Fund" which has a take
-off fund of $500m, the IsDB is also providing an avenue to catalyze innovation
and technology in the area of science and health.
The focus is on improving the healthcare infrastructure and research
activities to provide solutions to public health challenges like the COVID-19
Pandemic.
Through the fund IsDB has created innovation challenges to incentivize
scientists, innovators, research centers, universities and entrepreneurs to
present trailblazing projects to address the COVID-19 Pandemic.
Last week the Minister of Finance, Budget and National Planning Mrs
Zainab Ahmed informed a press conference that Nigeria will also approach the
IsDB, to access funding to combat the COVID-19 virus.
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