By IINA,
Jeddah : The Jeddah-based Islamic Development Bank (IDB) will donate $1 billion to the Islamic Solidarity Fund for Development (ISFD) over the next 10 years, Dr. Ahmed Muhammad Ali, president of IDB, said. The fund will be used on poverty eradication, creating employment opportunities, combating diseases and increasing education opportunities in OIC member countries, Dr. Ahmed Ali said. In addition to $1 billion allocated by the IDB, total pledges for the fund now stand at $2.6 billion equaling 26% of the $10 billion targeted capital. This amount includes $300 million from Kuwait.
Other countries donating to the fund include, Algeria ($50 million), Benin ($2.3 million), Brunei ($2 million), Burkina Faso ($2.2 million), Cameroon ($2 million), Chad ($2 million), Cote d’lvoire ($3 million), Gabon ($2 million), Guinea ($2 million), Iran ($100 million), Iraq ($1 million) Jordan ($1 million), Malaysia ($20 million), Mali ($4 million), Mauritania ($5 million) Morocco ($5 million), Niger ($24 million), Nigeria ($2 million) Pakistan ($10 million), Qatar ($50 million), Senegal ($10 million) Sudan ($15 million), Syria ($2 million), Togo ($1 million) and Yemen Republic ($3 million). Two programs are currently financed by ISFD namely, the Vocational Training Program for Poverty Alleviation and Micro Enterprises Support Program. These programs will address the causes of poverty through literacy and vocational training for working women, he added.