The Islamic Development Bank Group (IsDB), in cooperation with the United Nations Conference on Trade and Development, recently organized a webinar on the impact of Covid-19 pandemic on the global investment outlook.
The webinar, held in collaboration with the Country Strategy and Cooperation (CSC) Department discussed the impact of Covid-19 on FDI and trade in OIC member countries.
The main objective of the webinar is to present the key ?ndings of the “World Investment Report 2020 - International Production Beyond the Pandemic” with a highlight on FDI trends in foreign direct investment (FDI) worldwide, at the regional and country levels and emerging measures to improve its contribution to development. In addition to presenting IsDB Group Strategy during Covid-19 and its impact on OIC Member Countries and Investment Promotion Agencies (IPAs).
The Webinar also proposed adopting policies and strategies to revive investment and trade in member states to advance investment promotion activities, in order to support the IsDB Group efforts to assist Investment Promotion Agencies (IPAs) in member countries by assisting them in devising appropriate investment and trade policy responses to the ongoing pandemic
Oussama Kaissi, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), stated: “The Covid-19 pandemic has created a devastating global health crisis. According to UNCTAD’s 2020 World Investment Report, global flows of foreign direct investment (FDI) will be under acute pressure this year as a direct result of the pandemic. In order to combat these implications in member countries, IsDB and its group members have implemented a number of initiatives to maintain trade and investment flows. ICIEC will be an important part of the long-term recovery, supporting the growing demand for risk mitigation solutions.”
James Zhan, Director, Investment &Enterprise Division, UNCTAD, made a presentation which highlighted the key findings and policy recommendations found in its “World Investment Report 2020: International Production Beyond the Pandemic”.
Amadou Diallo, the Acting Director-General, Global Practices at the Islamic Development Bank in his speech stated that during Covid-19, the Bank provided technical assistance programs for the Islamic Development Bank Group such as RCI and ITAP to support the Member Countries by assisting them in developing suitable plans for investment and trade policy to confront the ongoing Corona pandemic. This is in the framework of a tripartite approach centered around the "response, recovery and rebuilding" pillars.
Mohammed Bukhari, Senior Investment Promotion & Regional Cooperation Specialist, CSC Dept., IsDB delivered a presentation on the impact of Covid-19on MCs, particularly in foreign direct investment (FDI), domestic investment and investment promotion agencies (IPAs).
Asheque Moyeed, Division Head, Infrastructure &Corporate Finance, the Islamic Corporation for the Development of the Private Sector (ICD) made a presentation which focused on the efforts related to promoting investment in member countries, where the IsDB Group private sector institutions pledged with IsDB to provide $700 million to stimulate investment, finance trade, investment insurance and export credit in member countries. Two D-8 Egypt and Turkey are going to utilize around $270 million of this package.
The webinar brought together over 500 participants from 113 countries, including government officials, Presidents and CEOs of local/international private sector companies, multilateral and financial institutions, individual investors, entrepreneurs, chambers of commerce & Industry, business associations, and investment promotion agencies. – TradeArabia News Service