OPEC Fund Director-General meets President of the Palestinian Authority
The Director-General of OPEC Fund for International Development, Mr. Suleiman J. Al-Herbish, has met with Mr. Mahmoud Abbas, President of the Palestinian Authority. Discusssions revolved around strategies for future collaboration and in particular, support for social and economic projects that would alleviate the suffering of a people that has been under occupation for many decades.
In 2002, the Fund’s Ministerial Council set up a Special Grant Account for Palestine with an initial endowment of US$10 million, which has subsequently been replenished twice to increase resources to US $40 million. As of the end of 2005, US$26 million had been approved from the Account to finance 44 projects and programs in Palestine.
Prior to setting up the Account, the OPEC Fund had approved 67 grants totaling more than US$18 million to Palestine to finance a multitude of projects that have helped to develop and repair infrastructure; provide health and education services; and, responded to the housing needs brought on by the destruction and damage of thousands of homes by the occupying authority. In addition, in 1998 and 1999, the Fund extended two concessional loans amounting to US$18 million.
Today at the Fund’s 114th Session of the Governing Board, a grant totaling US$2.5 million was approved to finance the second phase of an urgent housing project in Palestine.
08/2006 March 14, 2006, Vienna, Austria
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Document Type: Press Release
Document Sources: OPEC Fund for International Development
Subject: Assistance, Economic issues, Social issues
Publication Date: 14/03/2006