ICD announces $250m in funding for member states

ICD CEO Ayman Sejiny
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Updated 31 March 2020

ICD announces $250m in funding for member states

The Islamic Corporation for the Development of the Private Sector (ICD), a multilateral organization affiliated with the Islamic Development Bank (IsDB) Group, has expressed concerns about the health and well-being of its member countries, partners and employees amid the global COVID-19 outbreak.
ICD has announced $250 million in 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 aid the private health care industries of affected member countries to meet the surging demand for services, equipment and medication.
Additionally, the IsDB Group is setting up a “Strategic Preparedness and Response Facility” of $730 million to mitigate the negative health and socio-economic impact of the pandemic.

The facility will extend financing to both the public and private sectors with the aim of minimizing the spread and impact of the disease in IsDB member countries.
The 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 fast-track the distribution of funds to support its member countries.
ICD CEO Ayman Sejiny said: “ICD strongly believes in the importance of continuous dialogue and collaboration. ICD is ready to provide all kinds and means of support and assistance. With strong communications between us and our member countries and parters, I am confident that hand-in-hand we will overcome this challenging period together.”
ICD will also work closely with more than 100 local and regional financial institutions in its network to provide the necessary support so that they can continue to finance SMEs in the affected sectors.


Clinical trials to accelerate adoption of new drug treatments in Saudi Arabia

Updated 58 min 54 sec ago

Clinical trials to accelerate adoption of new drug treatments in Saudi Arabia

  • Trials are being led locally as an essential means to verify the safety and effectiveness of a new drug
  • Eli Lilly has a major role to play during the coronavirus disease (COVID-19) pandemic

RIYADH: Clinical trials in Saudi Arabia could speed up the adoption of new drugs locally, a pharmaceutical executive has told Arab News.

“Clinical trials have two very big benefits for the Kingdom. Firstly, they provide data in the long run with respect to safety and efficacy, catered specifically to the Saudi population. Secondly, they impact local investment and build healthcare capabilities,” Managing Director of Eli Lilly Dimitri Livadas said..

Lividas further explained that the clinical trial phase of any new treatment is crucial as it represents the stage between the adoption or rejection of a drug. Working with the Ministry of Health and with a presence in the Kingdom for 42 years, the pharmaceutical company began research trials in the country in 2016, consisting of five pre-marketing activities and three monitoring studies for post-marketing.

Lividas added that the trials are being led locally as an essential means to verify the safety and effectiveness of a new drug before it is put to the market and introduced to patients. The majority of these are focused on diabetes, oncology, immunology, and osteoporosis.

“We genuinely believe that our future is here in Saudi Arabia. We continue to make great progress in having a commercial organization in the Kingdom that is fully staffed by Saudi nationals,” said Lividas.

As a biopharmaceutical company, Eli Lilly has a major role to play during the coronavirus disease (COVID-19) pandemic. It recently announced partnership with AbCellera to develop a treatment for the virus and aims to enter into clinical trials this year.

“I salute the Saudi authorities for their strong measures to contain the spread of COVID-19. I think it is an example to the world on how to do this. I would like to also express my gratitude toward all healthcare professionals who are currently on the frontlines, risking their own health to help others," Lividas said.