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Monday, June 1, 2020

ITFC targets 2,000 families for COVID-19 relief programme - NaigaAgroNet


Some 2,000 families have been marked to benefit from immediate provision of relief for a segment during this COVID-19 pandemic, by the International Islamic Trade Finance Corporation (ITFC), reports NaijaAgroNet.

In a agreement entered recently to support the provision of a food relief program for the most vulnerable people in Kyrgyzstan during the outbreak of the new coronavirus (COVID-19), NaijaAgroNet gathered that coordination was for the Kyrgyzstan Government.

This, NaijaAgroNet also gathered will allow the ITFC partner, Micro Credit Company M Bulak of Kyrgyzstan, to implement the humanitarian intervention.

The support will provide immediate relief to around 2,000 families who are most affected by the health and economic consequences of the pandemic and is the latest in a series of ITFC interventions, in alignment with the Islamic Development Bank Group ‘3Rs Response Package’.

ITFC CEO, ITFC, Eng. Hani Salem Sonbol, said: “This grant provides critical support for the provision of crucial food supplies in Kyrgyzstan, and enables ITFC to support the most fragile, who are struggling with the social and economic fallout from the pandemic. The intervention also builds upon ITFC’s existing partnership with the Micro Credit Company M Bulak and contributes to enhance the development of economic and social infrastructures that both parties are working towards.”

Micro Credit Company M Bulak is a client of ITFC and benefited from US$2 million Murabaha Financing Agreement in 2019. In addition, Micro Credit Company M Bulak benefited from an Islamic Trade Finance Workshop conducted in March 2019 and Advanced Islamic Trade Finance Workshop conducted in February 2020, both organized by ITFC in Kyrgyzstan.

Isaac Oyimah/Editor

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