Islamic Development Bank launches USD 2 bln COVID-19 aid package

Thursday 26 March 2020 08:39 CET | News

The Islamic Development Bank (IsDB) has launched a USD 2 billion COVID-19 aid package for its member states.

The facility will extend financing to both the public and private sectors in minimising the spread and impact of COVID-19 in IsDB member countries and to build their resilience. The 3Rs package (Respond, Restore, and Restart) is expected to deliver medium-term action through financing trade and SMEs to sustain activity in core strategic value chains and ensure continuity of the necessary supplies mainly to the health and food sectors.

IsDB stated that the package delivers long-term action to build resilient economies on solid foundations and catalyse private investment by supporting economic recovery and countercyclical spending, with a targeted USD 10 billion that aims to unlock USD 1 trillion worth of investments.

The bank said that the package starts with pandemic preparedness, in cooperation with G20 Global Initiative, follows with medium-term action through financing for trade and SMEs and includes long-term action to build resilience.

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Keywords: The Islamic Development Bank, IsDB, SME financing, COVID-19, coronavirus, financial aid, trade finance, G20 Global Initiative, Middle East, MENA
Categories: Banking & Fintech
Countries: Middle East
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Banking & Fintech