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.