2001 News Story

IDB approves funding for Islamic projects

The Board of Governors of the Islamic Development Bank (IDB) met yesterday under the chairmanship of its President, Dr. Ahmed Muhammad Ali, who reported that new funding had been approved in excess of U.S. $300 million for member states and Islamic communities in non-member states. This includes grants and non-interest-bearing soft loans amounting to $19 million specifically for the Palestinian people in support of their intifada. The board also approved Palestinian projects worth $10 million from allocations decide upon in a previous meeting.