International Islamic Trade Finance Corporation (ITFC), has provided USD 15 million in favor of the Maldivian State Trading Organization (STO) to facilitate their procurement of staple food, medicine and medical equipment for the country during COVID-19 pandemic.

In addition to the financing, the ITFC is also extending a grant for supporting the sourcing of emergency medical equipment during the outbreak.

Both the financing and grant are part of ITFC’s COVID-19 response to support its member countries.

A statement released by STO said that with ITFC’s financing and grant, STO will be purchasing staple food and medicine as well as purchase crucial personal protective equipment for the use of medical professionals such as anti-fog face shields, safety goggles and PPEs.

The ITFC’s COVID-19 Rapid Response Facility of USD 300 million is part of the wider envelope of USD 2.3 billion pledged by the Islamic Development Bank under its 3Rs Response Package, “Respond, Restore and Restart”.

CEO of ITFC, Hani Salem Sonbol said that it is their mandate to stand by the side of our member countries and provide the critical support they need in challenging times such as this.

He said that “In alignment with the IsDB 3Rs Package, ITFC is helping the Republic of Maldives in its efforts to address the spread of the novel coronavirus through supporting the 2 critical sectors: food and healthcare.”

Husen Amru Mohamed Rashad, the CEO and Managing Director Chief Executive Officer and Managing Director of STO said that Maldives began preparing well in advance for a possible outbreak in the country by conducting a risk assessment, and forming a national response guideline and health emergency coordination committee in addition to arranging for supplies of testing kits so that testing for the virus could be conducted locally and the emergency ITFC financing granted to STO further strengthens the Government’s efforts to assess risks, immediate and intermediate needs for screening, contact tracing, testing of suspected cases and treating those who are affected.

He added that the funding will further help to meet the needs of the people through the steady supply of necessary food staples and aims to enhance the protection of frontline medical staff who are working against the disease.

“The grant also reflects ITFC’s commitment to good health and wellbeing in OIC member countries and to their long-term socio-economic stability and growth.” Amru said.

ITFC is a member of the Islamic Development Bank Group that began operations in January 2008 with the primary objective of advancing trade among OIC Member Countries which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world.