The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), has signed an agreement 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).
The agreement, which has been agreed in coordination with of the Kyrgyzstan Government, 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’.
Commenting on the grant provided by ITFC, Eng. Hani Salem Sonbol, ITFC CEO, 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.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) (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 OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic 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.
International Islamic Trade Finance Corporation Signs COVID-19 Emergency Food Package Relief Program for Republic of Kyrgyzstan (1)