The International Islamic Trade Finance Corporation Extends COVID-19 Response Financing Facility to the Republic of Mauritania
US$10 million ITFC intervention to tackle shortages in emergency laboratory and personal protective equipment in the fight against coronavirus
COVID-19 pandemic will have a major impact over the short- and medium-term as Mauritania witnessed more than 6,800 cases of COVID-19 with more than 150 deaths
The International Islamic Trade Finance Corporation (ITFC) (http://www.ITFC-IDB.org), has provided US$10 million financing in favour of the Islamic Republic of Mauritania specifically to procure medicine and equipment to help them in the struggle against COVID-19.
Based on the Mauritania Economic Update 2020 (World Bank), the COVID-19 pandemic will have a major impact over the short- and medium-term as Mauritania witnessed more than 6,800 cases of COVID-19 with more than 150 deaths.…
The US$10 million Murabaha financing, which was requested by the Government of Mauritania, is part of the ITFC assistance to the country under its COVID-19 Rapid Response Initiative (RRI). Specific medical equipment urgently needed include ICU ventilators, protective uniform suits, face shields, surgical gloves, and disposable face masks.
The Executing Agency for the financing will be CAMEC - Centrale d'Achat des Médicaments, Équipements et Consommables Médicaux (Central Purchasing of Medicines, Equipment and Medical Consumables).
Commenting on the ITFC’s approval for the financing, Eng. Hani Salem Sonbol, ITFC CEO, said: “Following the social and economic pressures facing countries around the world as a consequence of the novel coronavirus, ITFC has facilitated access to financing for a number of member countries of the Organization of Islamic Cooperation (OIC). The ITFC is committed to doing all it can to contribute to enhancing the protection of medical frontliners, reduce transmission and mitigate the health, social and long-term economic impact of this terrible disease in Mauritania.”
It is worth mentioning that as of end of 2019, ITFC provided more than US$650 million of financing in favor of Mauritania to support key sectors including energy, food, agriculture and health.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
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About the International Islamic Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) (http://www.ITFC-IDB.org) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among the Organization of Islamic Cooperation (OIC) Member Countries, which would ultimately contribute to the overarching goal of improving the socio-economic conditions of the people across the world. Since 2008, ITFC has provided more than US$51 billion to OIC Member Countries, making it the leading provider of trade solutions for the Member Countries’ needs. With a mission to become a catalyst for trade development for OIC Member Countries and beyond, the Corporation helps entities in Member Countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.