27.12.2010, Jeddah, KSA – The Islamic Development Bank (IDB) is to host a two-day Expert Group Meeting (on 28-29 December 2010), comprising of experts from its member countries. The meeting is scheduled to review the progress made so far by the Islamic Solidarity Fund for Development (ISFD) and discuss the way forward. Discussing the challenges facing the Fund and considering ways and means for enhancing its poverty combat capacity in IDB member countries also top the agenda of the event.
President of the IDB Group H.E. Dr. Ahmad Mohamed Ali will be addressing the meeting and ISFD Director, Dr. Bashir Omar Fadlallah is also set to deliver a presentation on the Fund.
The ISFD was established by the OIC extraordinary summit held in Makkah in December 2005 and launched in 2007 with the objective to fight poverty, illiteracy, unemployment and diseases such as malaria and HIV / AIDS in IDB member countries. The Fund’s target capital has been set at US$10 billion of which so far US$2.63 billion has been committed by member countries and the IDB.
The ISFD total approvals have thus far reached US$ 515 Million covering infrastructural, agricultural, educational, professional training and SME projects. The Fund is currently pursuing two 5-year thematic programs for Micro-Financing and Vocational Training worth a total of US$ 500 Million each in the course of the planned period.