Banking, Finance & Takaful

ITFC gives $850 million to OIC members hardest hit by Covid-19

The International Islamic Trade Finance Corporation (ITFC) plans to give $850 million to OIC member countries hardest hit by COVID-19 pandemic. Mr. Hani Salem Sonbol, the CEOF ITFC announced the measures to mitigate the sufferings these hardest-hit OIC member countries economies.

“As we assess how COVID-19 affects the work we do and the impact on member countries, ITFC is engaging closely with government stakeholders, partners, businesses and financial institutions. That dialogue enables us to respond in a coordinated manner to soften the economic fallout. This is in addition to practical measures that have already been taken”, an official spokesman announced recently.

“ITFC has moved quickly to put in place emergency financing measures to ensure that member countries continue to receive the support needed. Our COVID-19 ‘Rapid Response Initiative’ (RRI) has made US$300 million immediately available”, the organization further announced.

ITFC is also responding to the different requests made by Member Countries to provide immediate crisis-related technical assistance programs, including capacity building for medical personnel and capacity enhancement of laboratories. ITFC is also assisting in sourcing medical equipment and medicines from its network. These funds are being directly funnelled towards eligible OIC member countries in most need of support – for critical supplies of energy, healthcare, food security, and other life support requirements.

ITFC is in continuous consultations with OIC member countries to ascertain their most pressing needs as the pandemic unfolds. An additional fund – the ‘Recovery Response Program’ (RRP) – earmarks another $550 million for deployment over the next two years. The RRP is aimed at fixing the socio-economic damage which is expected to last longer than the immediate impact of the virus. ITFC is actively engaging international, regional and local partners as a strategic means of scaling these interim financing measures to contribute to the critical needs of the member countries and where necessary, on the mobilization of trade development support services during the pandemic.

This includes helping OIC member countries with strategies to control and produce healthcare facilities. ITFC employees continue to work remotely through virtual platforms and other online means of communication, to ensure the business is running as usual. We remain fully engaged and responsive to the business and socio-economic needs of the many millions of people we serve. Whilst the challenges and impact of COVID 19 continue to evolve, we are certain by uniting and standing in solidarity with our member countries, we will overcome the crisis”, Mr. Hani said.

Source: Halal Times

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