Societies and economies are being affected by the unprecedented and unpredictable nature of the COVID-19 pandemic. The International Islamic Trade Finance Corporation (ITFC) is therefore moving quickly to consolidate efforts to mitigate the socio-economic risks that the virus poses to all our stakeholders in member countries of the Organization of Islamic Cooperation (OIC). The group has provided $850 million to help tackle the health pandemic.
In a statement, it said COVID-19 affects the work we do and the impact on member countries, ITFC is engaging closely with government stakeholders, partners, businesses and the 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.
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 $300 million immediately available.
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 funneled 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 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 for the control and production of healthcare facilities.
