Saturday, December 02, 2006

Islamic Development Bank Poverty Alleviation Fund to Help African Countries

Source: Islamic Bank proposes $10bn poverty fund -

Recently, the Islamic Development Bank (IDB) announced that it was setting up a Poverty Alleviation Fund totaling ten-billion-dollars.

This fund will be used to alleviate poverty in the Organisation of Islamic Conference (OIC) member countries, especially Africa. Kuwait and Saudi Arabia have already pledge 300 million and one billion dollars respectively to the fund. The balance will come from other member countries.

The fund should be up and running by the middle of 2007. And the fund will be operated within the framework of the Millennium Development Goals (MDGs) targets. Special focus will be on primary education, health (including malaria and HIV/AIDS), infrastructure, and agriculture. In addition, the fund will be targeted to micro-finance, small businesses and emergency assistance, recovery and reconstruction.

The IDB has annually committed over four billion dollars for development projects and since its inception in 1975, the bank has approved more than 50 billion dollars for development needs.


How can the IDB ensure that the fund is used to achieve the MDGs?

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