In order to support its member countries in this time of need, Islanic Development Bank (IsDB Group) has set up a special ‘Strategic Preparedness and Response Facility’ of $730 million to mitigate the negative health and socio-economic impact of the COVID -19 pandemic.
According to the bank, the facility will extend financing to both the public and private sector in minimizing the spread and impact of the pandemic in IsDB member countries and to build their resilience.
In a statement, the group said financing will be extended in the form of grants, concessional resources, trade finance, private sector lending and political and risk insurance coverage.
“The IsDB Group will deploy all the available financing instruments to channel the funds in a fast track manner to support its member countries.
“The IsDB Group entities will support the private sector in responding to the crisis and to minimize its impact on SMEs to sustain economic development”.
The statement further said the Islamic Corporation for the Development of the Private Sector (ICD) ICD shall provide $250 million of emergency funding mainly in the form of medium to long-term financing instruments to help existing and new clients in the financial, agri-food, energy and other affected sectors.
“ICD will also be aiding the private healthcare industry of affected member countries to meet surging need for services, equipment and medicines. Further, ICD will work closely with 100+ local and regional financial institutions in its network to provide necessary support so they can continue to finance SMEs in affected sectors within the markets they operate.
