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Islamic Development Bank Discusses Private Sector Challenges amid Pandemic

Islamic Development Bank Discusses Private Sector Challenges amid Pandemic

Tuesday, 7 July, 2020 - 10:45
Jeddah - Asharq Al-Awsat

The Islamic Development Bank Group’s (IsDB) private sector entities held on Monday a virtual seminar on Action Response to COVID-19 and the challenges facing the private sector and the global economy.

Held in partnership with the United Arab Emirates’ Ministry of Economy and the Annual Investment Forum in Dubai (AIM), the webinar was inaugurated by Dr. Bandar Hajjar, IsDB Group President, Nevin Gamea, Egypt’s Minister of Trade and Industry and Abdullah Ahmed Saleh, Undersecretary of the UAE Ministry of Economy.

Over 1,000 engaged participants comprising of exceptional entities, seasonal practitioners, government officials, individual investors, business associations, entrepreneurs, multilateral and financial institutions, chairmen, presidents and CEOs of local/international companies, chambers of commerce and industry and investment promotion agencies took part in the event.

Its main objective 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 pandemic, whilst incorporating the new reality.

The webinar highlighted the IsDB Group’s $2.3 billion Strategic Preparedness and Response Program 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.

The collaboration between the IsDB Group private sector entities and UAE Ministry of Economy and AIM through the online initiatives is aimed at significantly increasing the Foreign Direct Investment (FDI) inflows into the Group’s member countries, which will definitely help in achieving the sustainable development goals.

IsDB Group’s private sector entities are the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD) and the International Islamic Trade Finance Corporation (ITFC).

During the webinar, three online initiatives were launched to help the Organization of Islamic Cooperation (OIC) member countries’ economy and support their private sector, trade, exports and FDI.

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