2007 News Story

IDB establishes humanitarian fund to reduce poverty in the Muslim world

A meeting was held at the Islamic Development Bank (IDB) headquarters in Jeddah today to discuss establishing a humanitarian fund aimed at reducing poverty in the Muslim world.

In remarks to the press after the inauguration of the International Islamic Trade Finance Corporation in Jeddah today, Saudi Minister of Finance Ibrahim Al-Assaf said that Saudi Arabia has donated $1 billion for the fund on the directives of Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz. The Kingdom also called on all OIC member countries to express their solidarity with the project by donating as well.

In a further effort to reduce poverty in the Islamic world, the IDB has proposed plans to write off the debts of poor Muslim countries, Al-Assaf said. To that end, Saudi Arabia has announced $6 billion in debt relief for the poorest nations, he noted.