IsDB and ITFC Sign Agency Agreement to Facilitate Execution of COVID-19 Restore Program

The Islamic Development Bank (IsDB) and the International Islamic Trade Finance Corporation (ITFC) have signed an Agency Agreement to support the execution of the COVID-19 Restore Program (R2) via the provision of trade finance and line of finance operations in member countries, according to a statement issued on the 21st of February 2020.

Why it matters?

The Agency Agreement will boost ongoing efforts of IsDB member countries to alleviate the impact of the COVID-19 pandemic and assist economies with faster recovery. In addition, the Agreement will facilitate the implementation of the IsDB's new business model and promote the objectives of the President’s 5-year Program (P5P).

The ITFC has been instrumental in supporting IsDB’s...