Weekly News Update April 12-16, 2021

PRESS RELEASE

Islamic Development Bank (IsDB), Islamic Corporation for the Development of the Private Sector (ICD) and the Government of Burkina Faso Join Hands to Support the BRAVE Women Project in Burkina Faso

This new project is expected to not only enhance the resilience of SMEs owned/managed by women but to also support the National Economic and Social Development Plan (PNDES) of Burkina Faso

JEDDAH, Kingdom of Saudi Arabia, April 13, 2021/ -- The Islamic Development Bank (IsDB) Group and its private sector development arm, the Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-idb.org), have joined hands with the government of Burkina Faso through “Maison de l’Entreprise du Burkina Faso (MEBF)”, to implement the “Business Resilience Assistance for Value-adding Enterprises” (BRAVE Women) Project in the country. Implemented by the IsDB/ICD, the “ BRAVE Programme was initially launched in Yemen in 2016 with the aim of combining capacity building and a grant-matching scheme concept for Small and Medium Enterprises (SMEs) in addition to Value Chain support, all within an integrated framework that responds to the in-conflict challenges of the private sector. The MENA Transition Fund (Deauville Partnership) provided the sponsorship of this project which was successfully completed in 2020. The IsDB’s President, Dr. Bandar Hajjar, has expressed his commitment to supporting strategies that promote women’s economic empowerment which is considered critical to building a more inclusive, resilient, and sustainable world. This BRAVE Women Burkina Faso project falls under the sponsorship of the Women Entrepreneurs Finance Initiative (We-Fi), a collaborative partnership among fourteen donor governments (including Saudi Arabia), eight multilateral development banks (including the IsDB), and other public and private stakeholders, which seeks to address the financial and non-financial barriers faced by women entrepreneurs while attempting to create a better ecosystem for them. This new project is expected to not only enhance the resilience of SMEs owned/managed by women but to also support the National Economic and Social Development Plan (PNDES) of Burkina Faso. According to ICD CEO, Mr. Ayman Amin Sejiny, the roll out of BRAVE Programme in Burkina Faso follows successful implementations of the similar ongoing projects in Yemen and Nigeria where it has managed to support 916 Women owned/led SMEs to date with business resilience trainings and disbursed $6.4 million of financial support out of which $3.2 million of funds were provided in the form of matching grants. “ICD is pleased to play a significant role in the collective efforts aimed at overcoming the challenges faced by women entrepreneurs in fragile environments. We aim to enhance the private sector, as the engine of sustainable growth in fragile settings. This cooperation seeks to enhance the resilience of Women owned SMEs that have struggled during the current crisis. And we pray to Almighty Allah for the success of the Burkina Faso project, as well,” he has stated. Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD). About la Maison de l’Entreprise du Burkina Faso (MEBF): The Maison de l’Entreprise du Burkina Faso “MEBF” (or Burkina Faso Business Association) is an organization which support the private sector in Burkina Faso (recognized as Association of Public utility since 2010) established with the help of the World Bank in 2002 in order to support and develop the Private Sector actors in the country mainly through an integrated platform of value-added services for the benefit of private companies and professional associations. The institution is attached to the Ministry in charge of trade which falls under the Government authority. About the Islamic Development Bank (IsDB): The Islamic Development Bank is a multilateral development bank (MDB), working to improve people’s lives by promoting social and economic development in Member countries and Muslim communities worldwide, delivering impact at scale. Through collaborative partnerships between communities among our 57 member countries (MCs), we seek to equip people and communities to drive their own economic and social progress at scale, putting the infrastructure in place to enable them to fulfil their potential. The Bank’s New Business Model of “Making Markets Work for Development” contributes to strengthening the competitiveness of our MCs in strategic industries for better participation and upgrading within the Global Value Chains. These are the food and agribusiness industry, the textiles, clothing, leather, and footwear industry, the petrochemicals and petroleum industry, the construction industry, and Islamic finance. We also foster innovative and sustainable solutions to the world’s greatest development challenges, leveraging the potential of Science, technology and innovation as strategic drivers of economic growth, as we work towards the UN Sustainable Development Goals. About the Islamic Corporation for the Development of the Private Sector (ICD): The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and is member of the Islamic Development Bank (IsDB) Group. ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies, and encouraging cross border investments. ICD is Rated A2’ by Moody’s, ‘A-’ by S&P and, A+ by Fitch. ICD establishes and strengthens cooperation and partnership relationships with an aim to establish joint or collective financing. ICD also applies financial technology (Fintech) to make financing more efficient and comprehensive.

SOURCE Islamic Corporation for the Development of the Private Sector (ICD)

Statement by Deputy Minister of Foreign Affairs and International Cooperation of Italy, Marina Sereni, at the 2021 ECOSOC Forum on Financing for Development – 12 April 2021

Mr. President, distinguished delegates, colleagues,

Italy has put at the center of its G20 Presidency enhanced multilateral coordination, strong policy actions for a green and sustainable recovery and continued support to the most vulnerable, according to the “three Ps” - People, Planet and Prosperity - with Health as a cross-cutting issue.

As we are now some months into the G20 Presidency, we can already reap some initial results and point to some objectives that will further guide our actions.

First: overcoming the pandemic is a precondition for a stable and lasting recovery. Our first task must clearly be stopping the virus by ensuring that diagnostics, therapeutics and vaccines against Covid-19 are available as widely as possible.

Italy recognizes the role of COVID-19 immunization as a global public good and reiterates its support to the Access to COVID-19 Tools Accelerator (ACT-A) and its COVAX Facility.

Health is a far-reaching priority. The Global Health Summit, co-hosted by Italy and the European Commission on 21 May, will be an opportunity to promote the discussion on pandemic preparedness and to relaunch the spirit of collective effort that initiated the ACT-Accelerator, a virtuous example of what the international community can do together when faced with an urgent global threat.

The recommendations of the G20 High Level Independent Panel on Financing the Global Commons for Pandemic Preparedness and Response will contribute to the definition of innovative means of financing for a stronger and more resilient global health architecture.

Second: the Italian G20 Presidency has sought consensus to further step up the support to vulnerable countries as they address the challenges associated with the COVID-19 pandemic.

On April 7th the G20 Finance Ministers called on the IMF to make a comprehensive proposal for a new Special Drawing Rights (SDR) general allocation of USD 650 billion and to explore options for members to channel SDRs on a voluntary basis to the benefit of vulnerable countries. A new allocation would enhance global liquidity and help the global recovery.

The Debt Service Suspension Initiative (DSSI) was extended until end-December 2021 to contribute to facilitating higher pandemic-related spending. All official bilateral creditors should implement this initiative fully and in a transparent manner.

Multilateral Development Banks can also play an important role and during our Presidency of the G20, we will continue to hold them to their commitment to ensure net positive financing flows towards low-income countries in response to the COVID-19 pandemic.

Third: the Italian G20 Presidency is keen to identify innovative financing mechanisms to address climate change and achieve SDGs. To this end, blended and sustainable finance mechanisms could result as effective instruments to generate co-benefits for local economies, communities and their natural capital.

All this requires strengthening coordination between bilateral and multilateral providers of climate finance - essential to enhance access to financing resources. IFIs and MDBs should work together to coordinate and maximize the impact of their contributions and financing options.

The private sector should also be a proactive engine to achieve a veritable transition to a green economy.

In conclusion: we must avert the trajectory that estimates that many low-income countries are facing the threat of a weak recovery, and setback in their development path. We all need to concentrate on laying strong foundations to “recover better”.

Full video at https://www.youtube.com/watch?v=z6_9CsXuxog