Poverty Fund to Start Operation in January

JEDDAH, 11 July 2007 — The $10 billion Poverty Alleviation Fund of the Islamic Development Bank (IDB) Group will start operation on Jan. 10, 2008, the first day of the new Hijrah year, Ahmed Mohammed Ali, president of the group, announced yesterday.

In a statement after presiding over the first meeting of the fund’s board of directors, he said 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 said the 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.

“The fund was established as an endowment and this does not mean its money cannot be used to finance investment projects with the aim of increasing its revenues,” the president said. The fund was set up to fight poverty in the member countries of the Organization of the Islamic Conference.