(Jeddah, KSA, 1st June 2020)Ā ā€“ The International Islamic Trade Finance Corporation (ITFC), has signed an agreement to supportĀ the provision of a food relief program for the most vulnerable people in KyrgyzstanĀ 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,Ā Micro Credit Company M BulakĀ 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 ā€˜3Rs Response Packageā€™.Ā 

Commenting on the grant provided by ITFC, Eng. Hani Salem Sonbol, ITFC CEO, said:

ā€œThis grant provides critical support for the provision of crucial food suppliesĀ in Kyrgyzstan, and enables ITFC to support the mostĀ  fragile, who are struggling with the social and economic fallout from the pandemic. The intervention also builds upon ITFCā€™s existing partnership with theĀ Micro Credit Company M BulakĀ and contributes to enhance the development of economic and social infrastructures that both parties are working towards.ā€

CEO INTERVIEW: International Islamic Trade Finance Corporation on Golden Opportunities in Islamic Factoring

Micro Credit Company M BulakĀ is a client of ITFC and benefited from US$2 million Murabaha Financing Agreement in 2019. In addition,Ā Micro Credit Company M BulakĀ 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.