Jeddah (UNA-OIC) – President of the Islamic Development Bank (IsDB) Dr. Bandar Hajjar and Regional CEO for Africa & Middle East at Standard Chartered Bank (SCB) Sunil Kaushal signed on Thursday a memorandum of agreement on providing financing to member countries to combat COVID-19.
Under this agreement, SCB will participate in IsDB’s Restore Track Program aimed at supporting the private sector in IsDB member countries through stimulus packages to the economic sectors most impacted by the COVID-19 pandemic. The agreement also leverages IsDB’s $2bn “COVID Guarantee Facility” to establish an operational cooperation framework for IsDB and SCB to facilitate financing arrangements to IsDB member countries.
Dr. Hajjar expressed his pleasure at strengthening the relationship with Standard Chartered Bank through this new initiative.
