Business

The Islamic Development Bank Group in partnership with the
UAE Ministry of Economy and Annual Investment Meeting will conduct a live webinar titled IsDB Group Private Sector Action Response to COVID-19 on the 6 th of July at 01:00 PM (KSA Time) to discuss the challenges facing the private sector and the global economy during the COVID-19 outbreak.

The live session will also present the immediate joint action response of the IsDB Group Private Sector Entities namely, the Islamic Corporation for Insurance of Investments and Export Credits (ICIEC), Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC), to overcome the COVID-19 pandemic.

The webinar will discuss the future outlook to overcome the COVID-19 pandemic. Additionally, the webinar will highlight the IsDB Groups US$2.3 billion Strategic Preparedness and Response Programme for COVID-19 under its 3Rs approach Respond, Restore and Restart.

The keynote speakers who will share their in-depth perspectives in the webinar are Mr Ousama Kaissi, the Chief Executive Officer of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC); Mr Ayman Sejiny, the CEO and General Manager of the Islamic Corporation for the Development of the Private Sector (ICD), Eng. Hani Salem Sonbol, the Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC) and Ms Cornelia Meyer, the Chairman and CEO of Meyer Resources.

Mr. Ousama Kaissi, the Chief Executive Officer of The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and one of the keynote speakers in the webinar, stated: While the disruption to global trade and investment flows is unavoidable due to the unprecedented nature of the coronavirus pandemic, it is essential that institutions with the mandate and means to stabilize the trade ecosystem during the crisis heighten their efforts to do so.

ICIEC is honoured to be a part of this webinar with the UAE Ministry of Economy and our IsDB Group peers we are employing our multilateral insurance solutions toward the collective recovery of member countries. The private sector can play a pivotal and proactive role to close funding gaps in the COVID-19 response. It is capable to minimize short-term risks to long-term costs to businesses and the economy as a whole. ICD will work closely with 100+ local and regional
financial institutions in its network to provide necessary support so they can continue to fund the private sector, particularly SMEs in affected areas within the markets they operate in stated Mr Ayman Sejiny, the CEO of the Islamic Corporation for the Development of the Private Sector (ICD), and one of the keynote speakers in the webinar.

Eng. Hani Salem Sonbol, the Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC) and one of the keynote speakers in the webinar stated: Since
the outbreak of the pandemic, 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. This has facilitated the immediate access to medical equipment, the supply of
staple foods and critical energy needs. Continuing to work closely with IsDB and partners, ITFC is moving forward with its Recovery Response Plan (RRP) with the provision of
US$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; including the provision of lines of financing to fund the private sector and SMEs.

It is a great privilege to be in collaboration with the UAE Ministry of Economy and Islamic Development Bank Group in organizing this live webinar session that will tackle the major
challenges currently being confronted by the private sector and the global economy as a whole, Mr Walid A. Farghal, Director General of the Annual Investment Meeting mentioned.

The private sector is indispensable to economic growth. It contributes up to 90 per cent of employment and provides over 80 per cent of government revenues in developing countries. Thus, it is essential to highlight this huge initiative by the IsDB Group that enables the sectors adversely affected by COVID-19 to continue their business activities, he furthered.

During the webinar, three online initiatives will be launched jointly by IsDB Group Private Sector Entities and AIM. These initiatives will support the private sector, trade and exports in OIC member countries and will be focusing on:

Digital Country Presentations: to promote and showcase the investment and trade opportunities in OIC member countries which will serve as a virtual gathering and strategic, innovative platform to support the investors, government agencies, private institutions, investment promotion agencies to discuss the best possible means to attract FDI.

Startups Virtual Pitch Competition: to connect Startups globally and support them in meeting potential partners and investors from other parts of the world.

MADE IN..SERIES: this digital platform is open to all SMEs who want to showcase and present their local products, project and services to an international audience.

The webinar will gather more than 700 participants from multiple sectors across the globe such as government officials, Chairmen, Presidents and CEOs of local and international companies, multilateral and financial institutions, Chambers of Commerce and Industry, business associations, investment promotion agencies, individual investors, and
entrepreneurs.

• Tags
• #Business
• #Magazine
• #Lifestyle