Uche Usim, Abuja

The global fight against COVID-19 received a boost on Monday with the Islamic Development Bank (IsDB) Group earmarking $2.3 billion to tackle the rampaging scourge.

The assistance also comes with some robust initiatives to be implemented in partnership with the United Arab Emirates (UAE) Ministry of Economy and Alternative Investment Market (AIM).

The bank in a statement said the prime goal behind the initiative was to promote and provide a robust platform for the investment and prosperous trade opportunities in member countries.

Nigeria is a member of IsDB with a capital subscription of $3.9 billion, representing (7.66%) of its total capital.

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A crowd of over 1000 engaged participants comprising of exceptional entities, seasonal practitioners, Government officials, individual investors, business associations, entrepreneurs, Multilateral and financial institutions, Chairmen, Presidents & CEOs of local/international companies, Chambers of Commerce & Industry and Investment promotion agencies, came together to celebrate in the IsDB Group.

Private Sector Action Response to COVID-19 webinar and launching new online initiatives was inaugurated by Dr Bandar Hajjar, President of Islamic Development Bank Group (IsDB Group), Mrs Nevin Gamea, Minister of Trade and Industry of Egypt, and Mr Abdullah Ahmed Saleh, Undersecretary of UAE Ministry of Economy.

The main objective of the webinar, the bank added, was to discuss the challenges facing the Private Sector and Global Economy during the COVID-19 outbreak. The IsDB Group Private Sector entities also presented immediate joint action response and the future outlook to combat the COVID-19 pandemic, whilst incorporating the new reality. The webinar highlighted the IsDB Group’s US$2.3 billion strategic preparedness and response programme for COVID-19 under its 3Rs approach “Respond, Restore and Restart”.

A prime goal behind the initiative is to promote and provide a robust platform for the investment and prosperous trade opportunities in member countries. Estimated numbers of Foreign Direct Investments (FDIs) attractions in member countries show the annual FDI inflows and outflows in 2019 that help to assess imminent prospects and growth opportunities.

During the webinar, three online initiatives were launched by IsDB Group Private Sector Entities in partnership with the UAE Ministry of Economy and AIM. The motive behind these unique initiatives was to help the OIC Member Countries’ economy and support the private sector, trade, exports and FDI in member countries.