Page 95 - ICD AR21 EN

v) Going concern
ICD management assessed the Corporation’s ability to continue as a going concern and is satisfied that they are not aware of any material uncertainties that may cast doubt on the Corporation’s ability to continue as a going concern. In arriving at this conclusion, management considered many factors amongst which are; the Corporation’s liquidity ratio, the forecast trend in profitability, the performance of the existing portfolio, the capital adequacy
ratio and the corporation’s ability to raise funds from both shareholders and the capital market. Consequently, the financial statements have been prepared on a going concern basis.
vi) Impact of COVID’19
The COVID-19 pandemic has caused significant disruptions to global economies and business operations of many companies with the new variant of the infection emerging in many countries. ICD operates in many member countries located in different geographical zones. The impact of the pandemic differs from one country to another but in terms of measures, there were similarities in actions taken at national level to curtail the spread of the virus internally and from those coming outside the country.
Since the outbreak of the pandemic, the IsDB Group has taken several initiatives to support the governments of Member Countries to mitigate the human and economic impact of the COVID-19 pandemic. ICD made available USD250 million on fast track basis as an emergency package to minimise the spread and impact of the pandemic and to:
• Supporttheworstaffectedsectors,includingtheprivatehealthcareindustry,theenergysector,agricultureand the financial sector amongst others.
• Supportandcollaboratewithmorethan100localandregionalfinancialinstitutionstoensurePrivateSector Businesses, especially SMEs in affected industries still have access to finance.
• Supportourinvesteecompaniestoassuretheirsustainabilityandfuturegrowth.
• SupportexistingClientsadverselyaffectedbyextendingpaymentrelieftermsand/orrescheduling/restructuring
existing facilities.
At the end of 2021, the pandemic was significantly controlled in many countries with government embarking on measures to reduce restrictions to restart their economies. Consequently, the impact on the Corporation's business and results is limited. ICD will continue to follow the various host country policies and advice and in parallel will do its utmost to continue its operations in the best and safest way possible without jeopardizing the health of its people.
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