RIYADH (RAHNUMA) A Saudi-based trade finance group is re-purposing funding to help countries across the Islamic world meet challenges created by the coronavirus disease (COVID-19).
The International Islamic Trade Finance Corporation (ITFC), a unit of the Jeddah-based Islamic Development Bank, was set up to boost trade and improve living conditions across the Islamic world.
While in the past, the organization helped countries fund oil supplies, securing food imports is now becoming more important for some states in lockdown, according to CEO Hani Sonbol.
“Repurposing is very important to meet demands,” he told Arab News. “We classify COVID-19 as the worst crisis mankind has seen. The implications will be huge.”