The Board of Executive Directors of the Islamic Development Bank, IDB, has approved mobilization of US$ 30 million for financing of various projects in the city of Al Quds.
The package includes a US$ 10 million grant from IDB’s Waqf Fund and a US$ 10 million loan from the Islamic Solidarity Fund for Development (ISFD), IDB’s arm for combating poverty in its least developed member countries. In addition, a US$ 10 million is to be mobilized as grant by the IDB through participation of its other partner developmental institutions and funds.
The financing operation which shall cover projects in education, health, youth and housing sectors is to last for 5 years. It mainly opts to support efforts by the Palestinian authority for preservation of the identity of the city of Al Quds and improving the living standards in the city while contributing to economic and social development of Palestinians.
The Islamic Development Bank has so far provided US$ 143 million of financings for 76 projects in Palestine. The Bank also manages the Al Aqsa and Al Quds Funds as well as the program by the Gulf Cooperation Council, (GCC), for reconstruction of Gaza in addition to grants provided to the Palestinian nation by the Arabic funds.