ITFC grants USD 15 million loan to STO in support of Covid-19 response efforts
ITFC will be extending a grant aid to support obtaining emergency medical equipment, in addition to the loan
STO workers supplying staple food items in sacks
The International Islamic Trade and Finance Corporation (ITFC) has granted USD 15 million in emergency financing loan to the State Trading Organization (STO) to support the procurement of essentials.
The credit facility will assist the organization in procuring essential items such as staple food, medicines and crucial equipment used by frontline workers in the battle against the Covid-19 pandemic, including immediate life-saving frontline personal protective medical equipment, anti-fog face shields and safety goggles.
Further, STO revealed that ITFC will be extending a grant aid to support obtaining emergency medical equipment, in addition to the loan.
The loan comes under ITFC’s Covid-19 Rapid Response Facility of USD 300 million, which is part of the USD 2.3 billion pledged by its parent company, the Islamic Development Bank under its “3Rs Response Package, Respond, Restore, Re-start.” Both the loan and grant aid are part of the corporation’s response support to member countries.
STO’s Managing Director and CEO, Hussain Amru stated that the funding will help the company meet the needs of the people through efficient supply of necessary staple food items and has reinforced the government’s efforts of risk assessment, immediate needs for screening, contact tracing, testing capacity and treatment of Covid-19 patients.
STO further added that it will help the government further enhance its Covid-19 response efforts.
In addition, the loan and grant aid reflects the corporation’s priority to ensure the long-term progression of member states in the welfare of health, social and economic sectors.
