The ICD called for strong global coordination and collaboration for immediate response
Jeddah, Kingdom of Saudi Arabia: The Islamic Corporation for the Development of the Private Sector (ICD), which is Islamic Development Bank (IsDB) Group’s private sector development arm, organized a webinar entitled “Impact of COVID-19 Pandemic and Measures Taken by Financial Institutions: Actions and Regulations” on August 18, 2021.
The online event was held as part of the side events held in conjunction with the upcoming 2021 Annual Meetings of the Islamic Development Bank (IsDB) Group to be held in Tashkent, Uzbekistan on 1-4 September 2021.
The webinar was a follow-up of the ICD’s approval in July 2020 of the US$ 250 million COVID-19 Support Package for its member countries affected by the COVID-19 pandemic, mainly in the form of lines of financing and equity investments.
As part of the IsDB Group Initiative to support affected member countries, the ICD called for strong global coordination and collaboration for immediate response, as well as medium to long-term interventions.
The webinar explored and discussed the impact of COVID-19 pandemic on financial institutions (FIs) and measures taken by them to overcome any negative consequences associated with the pandemic, including legal/regulatory measures of the governments and centrals banks.
It also aimed at presenting the Response and Restore Action introduced by ICD for private sector development in member countries, including in Uzbekistan.
Several financial institutions, regulators and government representatives discussed measures that they have taken to combat the adverse effect of the COVID-19 pandemic. The adoption of Islamic banking legislation in Uzbekistan and new opportunities for financing private sector were also part of the deliberations.