Islamic Development Bank sets up $730 mln facility for member countries to cope with COVID-19 impact
The Islamic Development Bank has set up a $730 million ‘Strategic Preparedness and Response Facility’ to help member countries mitigate the socio-economic impact from the COVID-19.
“The SPRF funding will target interventions that focus on emergency preparedness and response to curb and contain the spread of the COVID-19, minimize socio-economic impact of the pandemic especially on the poor, and to build resilience of member countries in responding to outbreaks and pandemics,” said the IDB on Monday (Mar 16).
The Jeddah-based multilateral said the facility, for both public and private sectors, includes $280 million from the Bank and the Islamic Solidarity Fund for Development for sovereign projects and programmes, $300 million comes from the International Trade Finance Corporation for trade finance, and $150 million from ICIEC for insurance coverage.
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