Islamic Development Bank unveils $2bn COVID-19 aid package

Pedro Gonçalves
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Islamic Development Bank unveils $2bn COVID-19 aid package

The Islamic Development Bank will launch a $2bn COVID-19 response package for member states to help mitigate the impact of the virus outbreak.

The 3 Rs package, standing for Respond, Restore, and Restart, 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.

"The number of IsDB member countries affected by COVID-19 has reached 45 out of 57, with total confirmed cases reaching 27,579 people, 1,691 of whom have died as of 22 March 2020. We have already received requests for financial support from more than 20 member countries," IsDB president Bandar Hajjar said.

We have already received requests for financial support from more than 20 member countries"

The Islamic Development Bank Group will launch a joint global platform in May to track delivery among all countries and to mobilise resources.

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 $10bn that aims to unlock $1trn worth of investments.

Earlier this month, the Shari'ah-compliant multilateral lender launched a $730 million facility to help member countries mitigate the socio-economic impact of the pandemic.

The Islamic Development Bank is headquartered in Saudi Arabia and represents 57 countries in Asia, Africa and the Middle East.

 

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