The ICIEC-ISFD Covid Emergency Response Program
The COVID-19 pandemic, combined with flooding, has caused a serious supply chain disturbance and economic distress in many OIC Member Countries, especially those ranked as low income or least developed countries (LIC/LDC). The ICIEC ISFD Covid-19 Emergency Response Initiative (ICERI) has eased the financial burden on transactions for select Member Countries by structuring a concessional all-in pricing mechanism, including up to USD 400 million in grant funding from ISFD to support trade flows to import-dependent Member Countries. The ICERI program is providing insurance support for the procurement of urgent product needs, including medical equipment, pharmaceutical products and other related items that are needed for the fight against the COVID-19. Including but not limited to, protective gear, testing kits, sanitizers, ventilators etc. The ICERI program is also supporting the imports of essential commodity items, including essential food supplies and energy commodities. Through the ICERI program ICIEC has extended support for various essential imports to Member Countries, including USD 4.75 million for Tunisia, USD 33.6 million for Bangladesh, USD 9 million for Senegal, and USD 30 million for Egypt.
