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Thursday, 12 July 2007

IDB's poverty alleviation fund to launch operations in January


(MENAFN) The President of the Islamic Development Bank (IDB) announced that the bank's $10 billion Poverty Alleviation Fund will start its operations in January 2008, coinciding with the beginning of the Hijrah year 1429, Arab News reported. In a statement after presiding over the first meeting of the fund's board of directors, he said that the total contributions of IDB member countries to the fund amounted to $2.6 billion including the $1 billion allocated by the bank for the purpose. He added that the fund's board meeting discussed all options to collect more money for the fund from wealthy businessmen and business organizations in the Islamic world without affecting its rules and policies.

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