IsDB sets up $730m facility to combat Covid-19

The Islamic Development Bank has established a $730 million facility to help member countries mitigate the socio-economic impact from Covid-19, the ‘Strategic Preparedness and Response Facility’. The funding will target interventions that focus on emergency preparedness and responses to curb and contain the spread of Covid-19,  

Financing will be extended to both the public and private sectors via a $280 million loan from the multilateral and the Islamic Solidarity Fund for Development for sovereign projects and programmes; $300 million will be put up by the International Trade Finance Corporation for trade finance, and $150 million from ICIEC for insurance coverage. ICIEC will provide credit and political risk insurance to sustain imports of strategic commodities, investment protection, and to minimise volatility.