Hani Sonbol, CEO of the International Islamic Trade Finance Corporation, said that global trade has been affected by health crises and geopolitical turmoil.
Sonbol said in an interview with Al Arabiya that the Islamic Development Bank focuses on helping countries recover from the repercussions of crises, but the current crisis may have prolonged repercussions.
Sonbol indicated that the repercussions of the crisis include inflation in prices and a slowdown in international trade, especially with regard to food.
He added that the member countries of the Islamic Development Bank import most of their food from Russia and Ukraine.
Sonbol continued, “We received additional requests to finance food and secure stocks of food commodities for appropriate periods.”
He stressed that the Foundation is working with countries to provide long-term solutions to secure food.