pandemic
Best Business Ideas Amidst the Pandemic and New Normal
The Covid-19 pandemic has left most of the economies of the world in a downward spiral. Businesses across sectors have suffered much. Some were even forced to shut down. As the world grapples with the new normal, not all hope is lost for businesses. Some existing businesses took a new approach in their operations, while other completely new ones cropped up as well. And what are these pandemic proof business ideas? Let's find out.
Difficulties to start a new business during the pandemic
Starting a new business is a complex task. There are a lot of legal as well as product-related aspects that hinder a business.
While businesses are adopting online platforms, physical business still makes up for the considerable chunk of revenue. One of the common issues faced by businesses during the pandemic is the lack of favorable conduction to carry on physical business. This is true for new businesses as well.
Read: How to Test and Validate Your Startup Idea?
In addition to that, the lockdown in certain countries has caused product sourcing issues. Lack of external funds and worker shortage are also some other aspects that are working as a constraint to start a business during the pandemic.
However, the scenario is changing. As the world is coming to terms with new normal, businesses are finding workarounds to their daily processes. New opportunities are showing up regardless of the situation. Let's look at some of them.
Small businesses ideas during the pandemic
Online Reseller
One of the paradigm shifts has been the move of businesses from localized stores to online platforms. In the context of Bangladesh, the change has been even more apparent. Out of the total 7000 Crore BDT of commercial transactions, 1000 Crore BDT was through e-commerce in the FY 2019-20. This says a lot about the potential of the sector as an effective alternative to the traditional business models.
Online reselling has had the gross chunk in the F-commerce share. With appropriate patronage, the sector can move further forward.
Read Women Loans in Bangladesh: Best Schemes for Female Entrepreneurs
Social Media Services
The move of businesses to an online platform has opened new opportunities surrounding it. Most of the traditional retail businesses in Bangladesh are run by people with little knowledge of F commerce or digital platforms. As a result, there was an innate need for F-commerce and digital platform solutions that can cater to the growing urge of shifting business to online platforms.
In addition to these, the new startups require the help of social media specialists and digital marketers for the online promotion of their products and services. Whether it is digital marketing, marketplace creation or simply handling social media, there is a robust business opportunity for the individual as well as teams. And that is the focus of the next point.
Digital Consultation
Digital consultation is the online-based version of traditional consultation. With the pandemic in effect, the change in work and business conduction can work in favor of transforming consultation services.
Read:Late Blooming Billionaires: Story of successful people who started late in life
Consider the impact of Covid-19 on a field and get familiarized with the change management process. There are a lot of businesses waiting to make the jump to the online platform. It is now easier than ever to offer consultation as well as logistical and training for the shift to these businesses.
Graphic Design Agency
This one is stream-based and only applies to people with considerable graphics skills. While businesses shift to online, there arises the need for advertisement. In addition to adverts, there are various other types of graphical needs, like creation of logos, business cards, brochures, etc. Whether its office or businesses, the need for graphics designers are there irrespective of the sector.
This can be a great opportunity for the up-and-coming graphics designers. They can start a graphics design industry alone or by being part of a team. Those who are looking for zero investment business ideas can opt for the skill based startups. This service based business ventures can be a good way to utilize skills without considerable investments.
Read:Investment: What Factors to Consider before Investing Money?
App Development
Whether it is a small-scale food startup or big transportations service, the customers can reach the service providers through an efficient app.
A study conducted on American phone users found that over 90% of mobile phone users use their mobile time browsing apps. Though exact data are not available, the situation is somewhat similar for the Bangladeshi demographic as well. This is a wonderful scope for the app developers. With the app service industry expected to cross 800 billion USD in revenue by 2022, this is a golden opportunity to tap into the ecosystem.
The developers can focus on service integration for various business platforms. The shift of business to online platforms is opening up service needs that were not present previously. Apps can work as a great business and revenue generation source by addressing these needs.
Read Common Challenges faced by Startups in 2021
Virtual Tutoring
The paradigm shift is not noticeable in the service and business sector only. Its implication is seen in the educational sector as well, especially in the case of Bangladesh. As schools and other educational institutions are going through shutdowns, online learning has become a sort of new normal for the students.
Virtual tutoring can be a great option to utilize this shift. It can be premade courses on a specific subject topic or even live classes. Regardless of the means, the opportunity can be endless considering there is no boundary or limitation involved in teaching online.
Read:Investment Opportunities in Bangladesh amid Pandemic
Cloud Kitchen
Love cooking? Then now is the time to turn it into a profitable business. Like everything else, the pandemic has also shifted people's focus from eating out at restaurants to eating from the comfort and safety of their own homes. And that has increased the dependency on food delivery services like Pathao, Foodpanda, and Shohoz in Bangladesh.
The fortunate thing is in addition to restaurants, these delivery platforms also partner with home cooks to showcase their menu on their app. As a result, it's possible to build a robust cloud kitchen business from the comfort of the home. Culinary skills are all that’s needed to shine in this line.
Read Seed Fund Raising for Startups: Things to Know About
Virtual Medical consultation
While the country battles the impact of Covid-19, the need for general consultation for other diseases has not stopped. But many people are fearful of going out to chambers or hospitals due to the fear of the pandemic. Virtual medical consultations can be a great workaround in this regard.
Common and basic diagnostics can be done through verbal communication and checking the symptoms of the patient online. As a doctor, this can make way for added service generation in addition to normal duties.
Read:F-commerce in Bangladesh: Problems and Prospects
Final Thoughts
The overall impact of the pandemic has been negative on every aspect of life. However, that does not take away the opportunities it has presented. With the changing social interactions and processes, it may very well make way for innovative pandemic-friendly small business ideas not thought of before.
Covid-19 Antibody Test: What You Need to Know
Terms like antigen, antibody test, Covid-19 test, plasma, RTPCR, rapid test kit, ventilator, lockdown, social distance, etc., have become part of our daily word choice in this Covid-19 pandemic. While these words have become a part of daily life, people tend to get confused between the antibody test and the Covid test. Usually, the antibody test is done to check if the body has developed antibodies against certain diseases. Let's discuss some basic facts about the Corona Virus antibody test.
Basics of antibody
The human body produces antibodies to fight off the infection when it senses the presence of an external invader, such as a bacterium or virus. Antibodies are basically Y-shaped proteins and white blood cells produce them. This protein helps to fight against harmful germs and get cured.
Read: Long COVID Syndrome: Long Term Effects of COVID-19
IgM and IgG antibodies are produced in the body of an infected person who has normal functioning of the immune system, which can be detected by serologic tests or antibody tests. IgMs are usually formed within one to two weeks of infection, but these are lost very quickly. IgG antibodies, on the other hand, take about 6 weeks to form, but they last longer.
According to the US Centers for Disease Control and Prevention (CDC), some Covid-19 patients may detect antibodies in the first week of infection. In other Covid-19 patients, it may take up to three weeks for antibodies to be produced against the coronavirus.
That is why the patient should wait up to three weeks after the symptoms to test for the Covid-19 antibody. Further, the CDC report states that testing for antibodies three weeks after coronavirus infection can detect both IgM and IgG antibodies.
Read: COVID-19 Third Wave: Things We Need to Know
What is the antibody taste for Covid-19?
Covid-19 antibody test, which is also known as serology test, is a way to measure if someone had been infected with coronavirus in the past. However, the antibody test cannot identify if someone is currently infected or not. To check the present condition, one should do the antigen test diagnostic test for Covid-19.
However, a positive antibody test will not ensure that the person will not get infected again. If someone has an antibody in the body, it is very difficult to say how long the antibodies against coronavirus will last. According to the CDC's website, it is still rare for Covid-19 to be infected twice, but people are also getting infected twice or more than that. However, the CDC suggests that coronavirus antibodies may provide immunity, at least in the short term. So, after a certain period, the antibody test may not show a positive result.
Read: How Long Will Your COVID-19 Coronavirus Vaccination Protection Last?
A recent study published in the journal Nature Medicine suggests that coronavirus antibodies may not provide protection in the long run. The researchers found that antibody levels decreased within two to three months of curing Covid-19, especially in asymptomatic Covid-19 patients. However, it was a small study, analyzing only 36 symptomatic cases and the same number of asymptomatic cases. So, an antibody test after two to three months may not locate the antibody in the body.
What is the purpose of Covid-19 antibody testing?
Antibody testing lets the researchers and doctors know how the body reacts to the virus as well as collect the symptoms. Furthermore, it also gives data on the frequency of the infection. However, the antibody test should not be done to decide if anyone can take the vaccine or not.
Who is eligible for the Corona Virus antibody test?
If someone is infected with Covid, the antibody may take time to build in the body. So, testing on the most recent patient will not be wise. If someone is just diagnosed with corona or treated in two to three weeks, it will give positive results on an antibody test. So, it is suggested that antibody tests can be done four to six after being cured.
Read: Coronavirus: How to get your smell and taste back after COVID-19?
How to do the Covid-19 antibody test?
This test is very easy to do by taking a few drops of blood from the tip of the finger. Moreover, it does not take much time; the test can be done in 15 minutes. Nevertheless, this test is to be used in different countries to find people who are free of infection, and those people can be out of the house. Antibody tests will be very effective, especially for health workers. But making the test kit is not so easy. The US FDA approved antibody tests last year.
Types of antibody test
So far, two types of antibody tests are available, binding and neutralizing antibody tests. The binding test uses the purified proteins of SARS-CoV-2. In this method, individual antibody types, like IgG, IgM, and IgA can be identified. Hence, SARS-CoV-2 IgM and IgG antibodies can be found at the same time through the binding antibody detection system.
Read: What we know about Covid-19 booster shots
On the other hand, the neutralizing antibody detection tests find the functional ability of antibodies. These kinds of the test monitor the inhibition of viral growth in the cell when raised with plasma or serum. The neutralizing antibody is categorized into three types, virus neutralization tests (VNT), Pseudovirus neutralization tests (pVNT), and Competitive neutralization tests.
Antibody test result
Usually, the Covid-19 test result is explained in four ways. If there is a positive IgM, then the patient may be considered infected at the moment; if there is only IgG, then it may be that he is recovering from the infection, and it is possible that he will not be infected in the future. If both are positive, it can be assumed that the patient is at the end of the infection. And if none shows up, the patient is not infected. Sadly, this last statement is not always correct. It may be that the antigen used in this test does not recognize the patient's antibodies. Again, the patient may have been infected, but not enough time to make antibodies.
Read Liquid Medical Oxygen and Covid-19 Treatment: Things we need to know
Is the coronavirus antibody test easy?
The health care workers have a mixed response to this question. Even if the kit works, there is a possibility of false-positive and false-negative results in the COVID-19 antibody test. If a small number of people in the population (say 4.5%) are infected, there is a 50% chance that they will actually be positive. On the other hand, if 30% of the people are infected, and positive results are obtained, in 90% of the cases, it will be true. It was also thought that people who had been infected would have enough antibodies in their blood to fight the virus if they were given to an infected patient.
Read How to heal lungs naturally and improve breathing after recovering from COVID-19?
Time to challenge what we know: Radwan Mujib
Policymakers need to revisit their assumptions and undertake a more detailed analysis of who and what makes Bangladesh tick as the country looks to emerge stronger from the global pandemic, says Bangabandhu’s grandson Radwan Mujib Siddiq.
“The story of Bangladesh is a complex one, with multiple layers and a rich cast of characters," writes Radwan, a trustee of Center for Research and Information (CRI) who edits WhiteBoard, the country’s first policy journal, in the quarterly’s editorial note.
With a caption “Hot off the press”, he posted the link on his verified Facebook page to allow readers free access to the content of the latest issue.
Referring to the government’s policy of inclusive growth with trickle-down effect to benefit the poorest, Radwan termed the developmental turnaround as “ remarkable” in his editorial note .
Also read: Bangabandhu’s grandson Radwan Mujib turns 41
Emphasizing the need for fresh perspectives to help the country meet future challenges, he said the global pandemic has shown that countries need nimble thought leadership to be truly adaptable. "Fresh perspectives, detailed analysis, and good data are essential.”
With a renewed call for participation from a pool of writers, he sought continued support of its readers, contributors and sponsors, to establish WhiteBoard as the premier space for the next generation of analysts, academics and professionals.
The 5th issue of the quarterly covered some crucial policy issues such as the importance and relevance of agriculture in the country’s march towards its middle-income status and the role of middlemen in labour immigration.
Passenger movement through land ports relaxed: MoFA
Cross-border movement of passengers through land ports has been relaxed, considering the Covid-19 scenario in Bangladesh and the region.
With the lifting of the restrictions Thursday, passengers travelling to Bangladesh through land ports will no longer be required to obtain any objection certificate (NOC) from Bangladesh missions abroad.
Also, passengers exiting from the country through land ports will not be required to provide prior intimation to the concerned Bangladesh authorities before their exit.
The regular immigration hours and days will resume with immediate effect at the currently operational six land ports – Benapole, Akhaura, Sonamasjid, Hili, Darshana and Burimari – for cross border movement of passengers.
Read: MoFA introduces Public Diplomacy wing
BGMEA seeks Govt support for RMG sector to overcome pandemic challenges
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has sought support of the government for the RMG industry to overcome the impacts of the Covid-19 pandemic and turn around.
A delegation of BGMEA led by its acting President SM Mannan (Kochi) made the call during a meeting with Senior Secretary to the Finance Ministry Abdur Rouf Talukder at the Secretariat on Tuesday.
Former BGMEA President Md. Shafiul Islam (Mohiuddin), MP, BGMEA Vice President Shahidullah Azim, Vice President (Finance) Khandoker Rafiqul Islam and Director M. Ahsanul Hoq were also present at the meeting.
The BGMEA leaders said the export-oriented apparel sector is still passing through tough times prolonged by the second wave of the Covid-19 in the country.
Read: BGMEA President calls for fair prices from US buyers
Moreover, they said major export markets of Bangladesh including Europe are yet to get back to fully normal state.
It was expected that the apparel sector could turn around with improvement in the pandemic situation but the surge of new variants and infections put the industry in challenges again, they added.
They requested the government to extend the payback period of the loans under the Covid response stimulus package from the existing 18 months to 36 months to help the sector to overcome the hurdles.
They urged the government to write off all debts, interest, and cost of fund charges for the 133 sick RMG factories, taking them into special consideration.
Read: BGMEA urges AAFA to promote Bangladesh’s business interests in US market
The BGMEA leaders also called for an exit policy for businesses who want to shut down their businesses safely, similar to Chapter 11 which exists in most of our competing countries.
They requested the government not to treat compliant units of a group of companies as loan defaulters for loan defaulting by any of its concerns, as other profitable and compliant enterprises of the group would be affected due to it.
COVID-19 Third Wave: Things We Need to Know
Coronavirus outbreaks have disrupted public life around the world. Further, the second wave of the corona has hit again this year, which is not gone yet. And the third wave has already started. Concerns have also been raised about just how terrible the third wave of Covid is going to be. The COVID-19 cases are rising all over the world; hence the third wave has approached us already. Even the vaccinated people are being affected. The highly contagious Indian Delta variant is mostly responsible for the third wave.
What is COVID-19 third wave?
The World Health Organization (WHO) recently warned about the third wave. The world is already in the early stage of the third coronavirus wave amid the surge and spread of the delta variant. As the variant born in 2019 is continuously mutating in more transmissible variants, WHO shows concerns about the third wave. However, India is expected to face the worst condition of the third wave in the next few months, experts say. Previously, India experienced the worst condition in the second wave compared to the other countries in the world.
The reason behind the third wave is the new variant's quick mutation as well as the ineffectiveness of the vaccine. Vaccinated people are also affected by the new variant, but it is less deadly for the vaccinated person.
Read How to heal lungs naturally and improve breathing after recovering from COVID-19?
We are not following the COVID-19 health protocols, and we are gathering anywhere without maintaining the proper health guideline. As a result, the infection is rising upfront. When the rate of infection decreases and rises again significantly, a new wave is determined. And the COVID-19 cases are rising again all over the world; hence the third wave is detected.
Third-wave is risky for the children
During the second wave of the coronavirus pandemic, the youths were the most affected. Experts fear the third wave could be risky for children and teenagers. The Head of the Department of Wadia Hospital of Children in Mumbai, Dr. Sudha Rao, expressed her views on why the third wave of corona could be dangerous for children. She said experts around the world fear the third wave of the Coronavirua would infect more children. The first wave affected 1-2% of children, the second wave raised the contraction level to 4-6% percent, and the third wave is expected to affect about 12-15% of children. However, it will take more time to be sure about this estimate.
There are also plausible reasons why children and teenagers are at higher risk in the third wave. The most common and obvious reason is that people under the age of 18 are not being vaccinated. If the body is infected with corona and antibodies are made, then there is no need for vaccination. But there is no information about the percentage of antibodies in children. So in terms of immunology, it can be said that children are weak. In addition, newer strains of the coronavirus can infect more children. As well as opening schools and colleges, children are more likely to be infected with the virus.
Read Digital Healthcare Startups in Bangladesh: An Overview
How to fight the third wave?
Since the research shows that the children are likely to get affected by the third wave, experts suggest taking the step for the children and teenagers. According to Dr. Sudha Rao, hospitals have covid care for adults, but from now on, we need to focus on pediatric care.
There is nothing to concern when older people are hospitalized with COVID. However, if someone is in an oxygen bed or ICU bed, it does not take 24 hours attendant. But if a child with COVID is in an oxygen bed or ICU, he/she will always want his parents by his/her side. Therefore, special steps are needed to be taken to ensure that parents are vaccinated. A huge percentage of people are yet to take vaccines, especially in third-world countries. Therefore, it is important to take equal care of children in pediatric care as well as the parents who have not been vaccinated. They also need to be monitored and have a physician in care.
Read COVID-19 Delta variant explained: Things to know about this Coronavirus strain
It is important to train health workers from now on to manage children's medicine, treat children with moderate illness, protect them from serious illness, and identify serious conditions.
Apart from this, several other steps should be taken to counter the third wave.
Sustained surveillance and sharing of data
Sustained surveillance, as well as the share of the data, is highly necessary as these can help in decision making. The sharing of data includes systematic testing, compilation, collection, and analysis of laboratory and clinical data. In this context, WHO Chief Scientist Sowmya Swaminathan indicated that countries need to "strengthen its surveillance and closely monitor key Covid indicators to reduce the impact of a possible third wave."
The proper observation and monitoring of the viral epidemiology, as well as the genetic diversity, will help to determine the evolving nature of the pandemic. This eventually helps the authorities to make the right decision on time.
Read Dengue vs. COVID-19: Symptoms, when & where to test, ways of prevention
Prepare a robust healthcare infrastructure
While the first world countries' strong healthcare structures are destroyed by the coronavirus, the third world countries are facing the worst. There is no alternative to building a solid healthcare structure. Although there is not enough time to improve the healthcare infrastructure in third-world countries, they can take some steps. They can work on increasing the COVID care centers with beds, ICUs, prompt accessibility of the medication, and increase the oxygen supply.
Post-COVID care rehabilitation
Many COVID-19 recovered patients face long-term residual effects both mentally and physically. The current healthcare structure in most of the countries doesn't offer any post-COVID care for the recovered individuals. And it is more needed for the third wave caused by the delta variant. So, there is a dire need to work on post-COVID care units and offer the service to these requirements comprehensively.
Last but not the least, a mass vaccination program is the only way to fight any upcoming variants as well as waves.
Read Liquid Medical Oxygen and Covid-19 Treatment: Things we need to know
Covid-19 in Bangladesh: Experts urge caution as third wave looms
Although the Covid infection rate continues to fall signalling the control of the second wave in Bangladesh, experts think there is no room for complacency as they fear the third wave of the virus may hit the country anytime.
They said the ongoing cluster transmission in different areas, lowering of guard by the government, public apathy to wear masks and health safety rules, low pace in vaccination and the reopening of educational institutions can be the main reasons behind the possible third wave of the coronavirus.
As India may also witness the third wave of the pandemic in October, the analysts say it may have an impact on Bangladesh as a close neighbourning country.
Also read: FM reiterates call for removing Bangladesh from UK's Covid red list
They, however, said Bangladesh can avoid the Covid third wave by intensifying virus control measures, especially in the areas where the infection rate is still high, encouraging people to maintain health safety rules, and wear masks and strengthening the vaccination drive.
Covid cases top 220 million globally
The global Covid-19 caseload has now surpassed 220 million, with the world still grappling to contain the pandemic.
The total caseload and fatalities now stand at 220, 223,874 and 4,560,727 respectively as of Sunday morning, according to Johns Hopkins University (JHU).
So far, 5,427,674, 383 vaccine doses have been administered across the world.
The US, which is the world's worst-hit country in terms of both cases and deaths, has so far logged 39,905,855 cases, according to the JHU, while 648,106 people have lost their lives to Covid to date.
Also read: Covid in Bangladesh: Both cases and deaths fall further
Brazil currently has the world's second-highest pandemic death toll after the United States and the third-largest caseload after the United States and India.
The country has recorded 20,877,864 cases with 583,362 fatalities so far, according to its health ministry.
The third worst-hit country, India's Covid-19 tally rose to 32,945,907on Saturday. Besides, 440,225 people have died so far in the country.
Also read: India’s COVID-19 vaccine supply jumps, raising export hopes
Situation in Bangladesh
Bangladesh logged 61 Covid-19 deaths and 1,743 cases in 24 hours till Saturday morning showing a slight downward trend from a day earlier.
Besides, the case positivity rate also declined slightly to 9.82 per cent from previous day’s 10.76 per cent, according to the Directorate General of Health Services (DGHS).
The fresh numbers pushed the country’s total fatalities to 26,493 while the cases reached 15,12,026, according to DGHS.
The country last saw 112 Coronavirus-related deaths on June 29 and the fatalities reached its peak on August 5 and 10 when 264 deaths were recorded.
The new cases were detected after testing 17,750 samples during the 24-hour period, said the DGHS.
The recovery rate rose to 95.63 per cent, while the case fatality remained static at 1.75 per cent compared to the corresponding period.
However, the situation was much more catastrophic from June to the latter part of August as the country experienced a surge of Covid-related caseloads and deaths during that time.
Between May and June this year, there was a 273% rise in monthly caseloads and 162% in fatalities. In July, there was a 150% increase in caseloads and a 170% rise in deaths compared to the previous month, according to the World Health Organization (WHO).
IsDB Group commits $1.2 billion to support post-pandemic recovery
The Islamic Development Bank (IsDB) Group, the AAA-rated multilateral development bank of the Muslim world, has announced $1.2 billion in funding commitments to support the post-pandemic economic recovery in its members.
The funding commitments, which comprise around 30 memorandums of understanding (MoUs) and agreements signed between the IsDB Group entities and counterpart institutions in member countries in Africa and Asia, were inked during the Group's 2021 annual meetings, held in Uzbekistan's Tashkent.
Deeping cooperation with the host country, the IsDB announced the launch of the Economic Empowerment Fund for Uzbekistan, established in cooperation with the Uzbek government and private sector investors from Saudi Arabia.
The $100 million fund, of which $20 million has been committed by the IsDB, aims to create 100,000 jobs by supporting micro, small, and medium-sized enterprises (MSMEs).
This is the first impact investment fund established in Uzbekistan, said the IsDB Saturday.
In a special address during the annual meetings, which coincided with the 30th anniversary of Uzbekistan's independence, President Shavkat Mirziyoyev hailed the launch of the new fund as a vote of confidence in the country's development and the continued implementation of economic reforms.
In 2019, President Mirziyoyev issued an executive order creating the framework for expanded cooperation between Uzbekistan and the IsDB.
Other commitments to Uzbekistan included a major $200 million investment to support economic development in rural areas of the country.
The IsDB also signed an agreement to finance the second phase of a project devoted to expanding access to oncology services in Uzbekistan by equipping treatment centres and expanding medical training.
Sardor Umurzakov, deputy prime minister and minister of investments and foreign trade of Uzbekistan, who presided over the annual meetings as chairman of the board of governors, hailed the IsDB Group's bold mobilisation of financial resources.
"Uzbekistan is proud to have hosted such a productive edition of the annual meetings. This year, it was crucial that the bank continued to use its financial resources to address the economic needs of member countries. The clear message of these funding commitments is that member countries are stronger and more resilient when they act in unison," Umurzakov said.
Global supply chain disruptions caused by the Covid-19 pandemic have posed a challenge for developing countries.
Prices for key commodities, including basic foodstuffs, have risen dramatically, putting the economic recovery of import-dependent countries at risk.
The Islamic Trade Finance Corporation (ITFC) will provide trade financing to several countries to support the import of strategic commodities, including energy products and foodstuffs.
The Union of Comoros will receive $392 million over the next three years to support food and energy security.
Burkina Faso will receive $100 million to support the purchase of refined petroleum products for the country's energy sector.
The ITFC also signed similar agreements with Guinea and the Maldives, committing $100 million and $75 million, to support the import of fuel and food commodities.
The IsDB signed several agreements focusing on economic development. The bank will also fund two major projects in Benin, with a combined value of $150 million.
The first project will support community health and nutrition in support of Benin's goal of providing universal health coverage by 2025.
The second project will support upgrades to the storm draining system of the capital city of Cotonou to reduce the risks of flooding.
"The Covid-19 pandemic taught us difficult lessons about the fragility of national economies in a globalised world," said IsDB Group Chairman Dr Muhammad Al Jasser. "We are using the opportunity of our annual meetings to ensure that the power of multilateralism can help create stronger, more resilient economies in the long term."
The IsDB has 57 members, comprising one-fifth of the world population. In 2020, the bank approved $6.8 billion in funding commitments.
The banks' response to the Covid-19 pandemic included a $4.56 billion Strategic Preparedness and Response Program (SPRP), which is estimated to have delivered economic assistance to more than 55 million people.
Trudeau criticized for calling Canadian election in 4th wave
Canadian Prime Minister Justin Trudeau defended his decision to call an election during the pandemic in first debate of the campaign for this month’s election.
Trudeau is facing a tough re-election battle against his Conservative Party rival, Erin O’Toole. The vote is Sept. 20.
“Why did you trigger an election in the middle of a fourth wave?” O’Toole asked Trudeau at the French-language debate in Montreal.
Also read: Trudeau announces additional fund for medical research on COVID-19
Trudeau said he needs a mandate from voters.
“Almost 80 percent of Canadians have done the right thing, they got vaccinated, twice in fact,” said Trudeau, noting Canada is having a fourth wave because 20 percent are unvaccinated.
“And because of them we have to stop democracy from working? No,” Trudeau said.
He criticized O’Toole for not requiring his candidates to be vaccinated.
O’Toole said he believes the country can find reasonable accommodations for those who are unvaccinated, like rapid testing and social distancing.
Four provinces including Quebec and Ontario, Canada’s largest, are bringing in vaccine passports that require citizens to be vaccinated to enter places like restaurants and gyms.
Also read: Trudeau says Canada won't retaliate for US mask export ban
Trudeau called the election last month seeking to win the majority of seats in Parliament but polls show that is unlikely and that he might even lose power to O’Toole and the Conservative party.
Trudeau had wanted to capitalize on the fact that Canada is now one of the most fully vaccinated countries in the world, but the country is now in a fourth wave driven by the delta variant.
Daniel Beland, a politics professor at McGill University in Montreal, said Trudeau held his ground.
“His combative performance might help stop the bleeding for the Liberals or, at least, reassure his base that he still has fire in his belly,” Beland said.
The 49-year-old Trudeau, the son of the late Liberal Prime Minister Pierre Trudeau, became the second youngest prime minister in Canadian history when he was first elected with a majority of seats in Parliament in 2015. He reasserted liberalism in 2015 after almost 10 years of Conservative Party government in Canada, but scandals combined with high expectations damaged his brand.
His father served as prime minister from 1968 to 1984 with a short interruption and remains one of the few Canadian politicians known in other countries.