Islamic Development Bank to set up special USD730 million fund
(MENAFN) To ease the bad health and socioeconomic impact of the coronavirus, the Islamic Development Bank (IsDB Group) is arraigning a special USD730 million fund.
International supply chain commotions, demand compression, and macroeconomic instability will have severe economic expansion and poverty outcome on member countries, if not managed correctly, as said by the Islamic Development Bank.
According to a statement by the bank, the Strategic Preparedness and Response Facility fund is meant to mitigate the adverse effects of COVID-19.
The fund will comprise USD280 million from the Bank and Islamic Solidarity Fund for Development for sovereign projects, USD300 million from the International Islamic Trade Finance Corporation (ITFC) for trade finance, and USD150 million from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) for insurance coverage.
Courtesy by :https://menafn.com/