Jeddah : Sunday, February 18, 2007

The meeting of an Experts Group held at the IDB Headquarters in Jeddah discussed the establishment of a "Poverty Reduction Fund" (PRF), in accordance with a resolution of the Makkah Extraordinary Summit held in December 2005. H.E. Dr. Ahmad Mohamed Ali, President of the Islamic Development Bank addressed the Meeting stating that poverty alleviation is one of the highest priorities addressed by the Bank since its inception 32 years ago. "The main particulars of the 10 year program adopted by the Makkah Extraordinary Summit were establishing a fund to alleviate poverty, increasing employment opportunities, combating diseases and enhancing education opportunities" Dr. Ali added.
He further stated that the IDB Board of Governors, which was assigned by the Summit to establish the fund, has instructed the Board of Executive Directorsat its last Annual Meeting in Kuwait to develop the appropriate bases and mechanisms for the Fund.
Dr. Ali pointed out that the Bank has concentrated all its efforts, through the past decades, towards achieving its objectives as a development institution. It is now poised for a major shift in this trend to be a catalytic development institution rather than a merely development financier. He mentioned that the poverty reduction fund intends to do the same by mobilizing national and international resources as a base for attracting other resources to achieve its noble objectives.
Towards the conclusion of the meeting, the Experts Group issued important recommendations which are expected to help the Bank formulate an integrated policy on the Fund to be presented to the forthcoming meeting of the Board of Governors in Senegal during 29 - 30 May 2007.