US$10 million ITFC intervention to tackle shortages in emergency laboratory and personal protective equipment in the fight against coronavirus
(Jeddah, KSA, 26 August 2020) – The International Islamic Trade Finance Corporation (ITFC), has provided US$10 million financing in favour of the Islamic Republic of Mauritania specifically to procure medicine and equipment to help them in the struggle against COVID-19.
Based on the Mauritania Economic Update 2020 (World Bank), the COVID-19 pandemic will have a major impact over the short- and medium-term as Mauritania witnessed more than 6,800 cases of COVID-19 with more than 150 deaths.
The US$10 million Murabaha financing, which was requested by the Government of Mauritania, is part of the ITFC assistance to the country under its COVID-19 Rapid Response Initiative (RRI). Specific medical equipment urgently needed include ICU ventilators, protective uniform suits, face shields, surgical gloves, and disposable face masks.
The Executing Agency for the financing will be CAMEC – Centrale d’Achat des Médicaments, Équipements et Consommables Médicaux (Central Purchasing of Medicines, Equipment and Medical Consumables).
Commenting on the ITFC’s approval for the financing, Eng. Hani Salem Sonbol, ITFC CEO, said:
“Following the social and economic pressures facing countries around the world as a consequence of the novel coronavirus, ITFC has facilitated access to financing for a number of member countries of the Organization of Islamic Cooperation (OIC). The ITFC is committed to doing all it can to contribute to enhancing the protection of medical frontliners, reduce transmission and mitigate the health, social and long-term economic impact of this terrible disease in Mauritania.”
It is worth mentioning that as of end of 2019, ITFC provided more than US$650 million of financing in favor of Mauritania to support key sectors including energy, food, agriculture and health.