IslamicFinance.de

The Islamic Development Bank (IsDB) Group has set-up a special Strategic Preparedness and Response Facility worth $730 million to mitigate the negative impact of the COVID -19 pandemic. The IsDB Group stated that its entities will support the private sector in responding to the crisis and to minimise its impact on SMEs to sustain economic development. Additionally, the Islamic Cooperation for Development (ICD) shall provide $250 million of emergency funding mainly in the form of medium to long-term financing instruments to help affected sectors. ICD will also be aiding the private healthcare industry of affected member-countries to meet surging need for services, equipment and medicine.