2020 Annual Development Effectiveness Report Highlights ITFC’s Resilience in Response to COVID-19 Crisis

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, released the 2020 Annual Development Effectiveness Report on the 11th of August 2021. Titled ‘Embracing disruption to build back better’, the Report explains the disruptive impact that COVID-19 has imposed on the world and highlights the crisis-response measures taken by ITFC.

Why it Matters?

COVID-19 has shone greater light on the critical importance of Development Finance Institutions (DFIs) during crises. The resultant health and economic crisis caused by COVID-19 required quick, and large-scale intervention, that was unprecedented. According to Eng Hani Salem Sonbol, Chief Executive Officer, ITFC’s response to COVID-19 was two-fold; to su...