• Skip to main content
  • Skip to after header navigation
  • Skip to site footer
The Halal Times

The Halal Times

Global Halal, Islamic Finance News At Your Fingertips

  • Home
  • Regions
    • Latin America
    • North America
    • Europe
    • Africa
    • Central Asia
    • South Asia
    • Australia
  • Marketing
  • Food
  • Fashion
  • Finance
  • Tourism
  • Economy
  • Cosmetics
  • Health
  • Art
  • Halal Shopping

ITFC Gives $850 Million To OIC Members Hardest Hit By COVID-19

ITFC CEO
2020-04-17 by Hafiz M. Ahmed
The International Islamic Trade Finance Corporation (ITFC) plans to give $850 million to OIC member countries hardest hit by COVID-19 pandemic. Mr. Hani Salem Sonbol, the CEOF ITFC announced the measures to mitigate the sufferings these hardest-hit OIC member countries economies.
“As we assess how COVID-19 affects the work we do and the impact on member countries, ITFC is engaging closely with government stakeholders, partners, businesses and financial institutions. That dialogue enables us to respond in a coordinated manner to soften the economic fallout. This is in addition to practical measures that have already been taken”, an official spokesman announced recently.

“ITFC has moved quickly to put in place emergency financing measures to ensure that member countries continue to receive the support needed. Our COVID-19 ‘Rapid Response Initiative’ (RRI) has made US$300 million immediately available”, the organization further announced.

ITFC is also responding to the different requests made by Member Countries to provide immediate crisis-related technical assistance programs, including capacity building for medical personnel and capacity enhancement of laboratories. ITFC is also assisting in sourcing medical equipment and medicines from its network.These funds are being directly funneled towards eligible OIC member countries in most need of support – for critical supplies of energy, healthcare, food security, and other life support requirements.
ITFC is in continuous consultations with OIC member countries to ascertain their most pressing needs as the pandemic unfolds.An additional fund – the ‘Recovery Response Program’ (RRP) – earmarks another $550 million for deployment over the next two years. The RRP is aimed at fixing the socio-economic damage which is expected to last longer than the immediate impact of the virus.ITFC is actively engaging international, regional and local partners as a strategic means of scaling these interim financing measures to contribute to the critical needs of the member countries and where necessary, on the mobilization of trade development support services during the pandemic.
This includes helping OIC member countries with strategies to control and produce healthcare facilities.ITFC employees continue to work remotely through virtual platforms and other online means of communication, to ensure the business is running as usual. We remain fully engaged and responsive to the business and socio-economic needs of the many millions of people we serve.Whilst the challenges and impact of COVID 19 continue to evolve, we are certain by uniting and standing in solidarity with our member countries, we will overcome the crisis”, Mr. Hani said.

Author

  • Hafiz M. Ahmed

    Hafiz Maqsood Ahmed is the Editor-in-Chief of The Halal Times, with over 30 years of experience in journalism. Specializing in the Islamic economy, his insightful analyses shape discourse in the global Halal economy.

    View all posts

Like this:

Like Loading...

Related

Previous Post:ADIB Launches UAE`s First-Ever Virtual Sales PlatformADIB Becomes First Islamic Bank To Use Blockchain For Trade Finance Transactions
Next Post:Indonesia Sees $10 Billion Loss In Tourism Revenue Due To COVID-19 OutbreakTourism Hit Hard In Indonesia

Reader Interactions

Leave a Reply Cancel reply

You must be logged in to post a comment.

Sidebar

  • LinkedIn
  • X
  • Facebook
  • Instagram

The Halal Times

The Halal Times, led by CEO and Editor-in-Chief Hafiz Maqsood Ahmed, is a prominent digital-only media platform publishing news & views about the global Halal, Islamic finance, and other sub-sectors of the global Islamic economy.

  • Facebook
  • Twitter
  • Instagram
  • LinkedIn
  • YouTube

News

  • Home
  • Halal Shopping
  • Food
  • Finance
  • Fashion
  • Tourism
  • Cosmetics
  • Healthcare
  • Marketing
  • Art
  • Events
  • Video

Advertise

  • Advertise With Us
  • Zakat Calculator
  • Submit News
  • Subscribe

About

  • About
  • Write For Us
  • Contact Us

Copyright © 2025 · The Halal Times · All Rights Reserved ·

%d