Local Business

Islamic Development Bank Group launches $2.3b Covid-19 package

Staff Report/Dubai
Filed on July 6, 2020


The Islamic Development Bank Group (IsDB Group) has announced that it is combatting the effects of the Covid-19 pandemic with the launch of a $2.3 billion package, along with three initiatives that are in partnership with the UAE Ministry of Economy and AIM.

Speaking at a recent webinar, experts noted that the prime goal behind the initiative is to promote and provide a robust platform for investment and trade opportunities. The three online initiatives were to help the OIC member countries with their economies and to support the private sector, trade, exports, and FDI.

Bandar Hajjar, president of the Islamic Development Bank Group, said: "The IsDB Group is tirelessly working to alleviate the impact of Covid-19 on the economies and people of our member countries. The IsDB Group's response package consists of $2.3 billion, which includes $700 million from our private sector entities (ICIEC, ICD, and ITFC). We aim to mobilize every dollar we can. The collaboration between the IsDB Group private sector entities and UAE Ministry of Economy and AIM through the online initiatives will significantly increase the foreign direct investment inflows into our member countries which will definitely help in achieving the SDGs."

Oussama Kaissi, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), noted that the effects of the coronavirus pandemic on trade and SMEs is particularly concerning.

"Harsh conditions for global trade are exacerbated by the tightening of the export credit insurance market - leaving many member country businesses highly exposed," he said. "Now more than ever, international partners must come together in solidarity to support countries as they face this once in a generation crisis. It is essential for ICIEC to provide support in stabilizing the trade ecosystem while also planning for recovery across our 47 member countries."

"The Covid-19 pandemic has impacted most OIC member countries on the economic, financial, and social fronts, some more severe than others. In a bid to extend support, shore up demand, and protect people's jobs and livelihood, ICD has set up a dedicated $250 million respond package to aid SMEs and the private sector in affected countries. The emergency funding would be mainly in the form of medium to long-term financing instruments to alleviate the economic burden faced by existing and new clients," said Ayman Sejiny, CEO of the Islamic Corporation for the Development of the Private Sector (ICD).

- business@khaleejtimes.com

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