Jeddah, MINA – International Islamic Trade Finance Corporation (ITFC) prepares emergency funding for member countries of the Islamic Cooperation Organization (OIC) in an effort to deal with Covid-19 outbreak.
The ITFC, which is part of the Islamic Development Bank (IDB or IsDB), provided a US $ 300 million Rapid Response Initiative (RRI) stimulus aid immediately available.
The institution is engaged in consolidating efforts to reduce the socio-economic risks posed by the virus to all stakeholders in OIC member countries. Thus quoted from CNBC sources on Monday.
“When we assess how Covid-19 influences work and its impact on OIC member countries, we work closely with stakeholders, partners, businesses, and financial institutions,” the statement said.
The statement added dialogue would allow a coordinated response to overcome the economic downturn, in addition to other practical steps.
ITFC also responds to various requests from member countries to provide technical assistance programs related to direct crises, including building the capacity of medical personnel and increasing laboratory capacity. ITFC also helps in the procurement of medical equipment and medicines.
These funds are directly channeled to OIC member states that meet the conditions most in need of support. This is mainly for energy supplies, health care, food safety, and other critical life support requirements.
The ITFC is in ongoing consultations with OIC member countries to ascertain their most pressing needs as the pandemic grows.
Additional funding for the Recovery Response Program (RRP), will also be prepared worth US $ 550 (around 8.9 trillion) million more for the next two years.
The RRP aims to repair socio-economic damage that is expected to last longer than the direct impact of the virus.
Since 2008 ITFC has provided more than US $ 51 billion to OIC member countries as a catalyst for trade development for OIC members.
ITFC also helps entities in OIC member countries to get better access to trade finance and provide them with trade capacity development tools, which will enable them to compete in global markets. (T/RE1)
Mi’raj News Agency (MINA)