The International Islamic Trade Finance Corporation (ITFC) (ITFC), has signed an agreement to support the provision of a food relief program for the most vulnerable people in Kyrgyzstan 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, Micro Credit Company M Bulak 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 3Rs Response Package.
Commenting on the grant provided by ITFC, ITFC CEO, Eng. Hani Salem Sonbol said: This grant provides critical support for the provision of crucial food supplies in Kyrgyzstan, and enables ITFC to support the most fragile, who are struggling with the social and economic fallout from the pandemic. The intervention also builds upon ITFCs existing partnership with the Micro Credit Company M Bulak and contributes to enhance the development of economic and social infrastructures that both parties are working towards.
Micro Credit Company M Bulak is a client of ITFC and benefited from US$2 million Murabaha Financing Agreement in 2019. In addition, Micro Credit Company M Bulak 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.