ALAQSA FUND ALLOCATES US$ 11 MILLION TO CUSHION ADVERSE EFFECTS OF WEST BANK SEPARATION WALL

The Management Committee of the Alaqsa and Alquds Funds has endorsed an allocation of US$ 20 million to finance educational, health and water supply projects for the people of Palestine affected by the separation wall. The programme is being jointly financed by the Islamic Development (US$ 6 million), the Aqsa Fund(US$ 4 million) and other bodies.

The Committee also endorsed a joint initiative including the Saudi Development Fund, the OPEC Fund and AGFUND to allocate another US$ 20 million to finance small-scale project development in Palestine. The Alaqsa Fund and the Islamic Development Bank have contributed US$ 7 million and $3 million respectively for this project.

The Committee, chaired by the representative of the Kingdom of Saudi Arabia, Mr. Yusuf Ibrahim Albassam, which met beginning of this week at the IDB headquarters to consider the progress of the programmes and projects being financed by both Funds expressed satisfaction at the completion of a number of projects including those for the reconstruction of dilapidated houses, expansion of universities, rehabilitation of educational and health facilities, as well as emergency services for refugee camps in the West Bank and the Gaza Strip.

The Committee considered a report on the implementation procedures for a small-scale projects and cottage industries programme launched by a group of institutions last Ramadan. The programme is expected to create incentives for self-employment by developing small-scale projects and cottage industries and also to help mitigate the effects of the closure imposed by the Israeli occupation authorities.

It is worth indicating that the overall amount disbursed by both the Alaqsa and Alquds Funds on projects and programmes for the Palestinian people stands at US$ 127 million. Moreover, US$ 480 million was disbursed in 2001-2002 to subsidise the budget of the Palestine National Authority.

Kn/cps/aqsafund pr/13.1/04


Document symbol: PR.13.1/04
Document Type: Press Release
Document Sources: Islamic Development Bank
Subject: Fence, Humanitarian relief, Separation barrier, Situation in the OPT including Jerusalem, Wall
Publication Date: 13/01/2004