Since inception in 2008, ITFC has supported the dynamic expansion of trade in OIC Member Countries. Our approach reflects our expanded role as a world class trade enabler and facilitator. We are guided in our quest to remain the leading provider of trade solutions for OIC member countries needs through a relentless focus on our Strategic Objectives, Strategic Pillars, and our Guiding Principles.
Beyond the Status-quo: Realignment of the ITFC Business Model
Our approach to trade finance and development is closely aligned to the strategic priorities of our Member Countries, allowing us to respond with changing market dynamics. Trade disruptions resulting from the COVID-19 crisis in early 2020 has led to stronger realignment of our business model with a clear focus on supporting more member countries, financing trade across new sectors, developing new lines of business, establishing new funding models and operating under an enhanced organizational structure.
COVID-19 Impact Case Study
In early 2020, as the widespread socioeconomic impacts of COVID-19 ravaged the fragile economies of many of our Member Countries, we swiftly repurposed our financing engagements to focus on their most immediate needs. An initial Rapid Response Initiative repurposed US$300 million towards the purchase of emergency medical equipment and supplies, as well as strategic commodities such as staple food and energy supplies. The intensity of the pandemic and its fallout led to an additional assignment of emergency funding of US$300 million.
During the initial phase, a second, longer-term crisis effort, Recovery Response Initiative, was announced, with a further allocation of US$550 million to support recovery across strategic economic sectors in Member Countries over the subsequent two years.
ITFC’s COVID-19 mitigation strategy is part of the Islamic Development Bank (IsDB) Group’s US$ 2.3 billion Strategic Preparedness and Response Program (SPRP) aimed at supporting Member Countries’ efforts to prevent, contain, and recover from the impact of the pandemic. The Program envisages a holistic approach in the short, medium, and long term, accommodating priorities beyond the immediate and emergency response to the health sector, while putting Member Countries back on the path of economic recovery through restoring livelihoods, building resilience. and kick-starting economic growth. Beneficiary member countries of our pandemic mitigation measures have ranged from all corners of the developing world from Asia, Africa, CIS, and Middle East countries.
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