ICD Announces USD 250 Million Emergency Funding to Assist Member Nations Affected by COVID-19
April 01, 2020 | Updated at April 02, 2020
The Islamic Corporation for the Development of the Private Sector (ICD) has announced a USD 250 million emergency fund, expressing its concern over the health and well-being of its member countries, partners and employees due to the COVID-19 pandemic.
Being a multilateral organization affiliated with the Islamic Development Bank (IsDB) Group, ICD will be providing this funding mainly in the form of medium-to long-term financing instruments to assist its clients in the financial, agri-food, energy and other affected sectors. ICD also expects to help the private health care sector of affected member countries to fulfil the increasing demand for services, equipment and medication.
ICD is expected to collaborate with more than 100 local and regional financial institutions in its network to provide the necessary support to the affected sectors.
Ayman Sejiny, the Chief Executive Officer of ICD, stated that the ICD is prepared to provide a wide range of support and assistance to its member countries and partners. The IsDB Group has also stated that they aim to fast-track the distribution of funds as needed.