IDB approves $243m to combat poverty

Updated 10 April 2017

IDB approves $243m to combat poverty

RIYADH: The Lives and Livelihoods Fund (LLF) board of the Islamic Development Bank (IDB) has approved $242.6 million to finance several development projects to fight poverty in eight member countries.
The projects are in the areas of health, agriculture and rural infrastructure in Tajikistan, Sudan, Djibouti, Niger, Mauritania, Cameroon, Uganda and Guinea.
The board meeting was held to identify projects with the greatest impact in the fight against poverty and disease in Muslim countries, and thus contribute to better living standards for beneficiary communities.
IDB President Dr. Bandar Hajjar said the LLF continues to advance its mission to help the poorest communities in the Muslim world lead healthier and more productive lives by investing in health, agriculture and rural infrastructure.
“By combining grants from donor institutions and IDB loans, we are seeking to provide more financial assistance to fight disease and poverty across the Muslim world compared to what grants can achieve alone,” he said.
Maher Al-Hadrawi, assistant general supervisor of operations and programs at the King Salman Center for Humanitarian Relief, said: “The second meeting of the LLF executive board represents an important milestone in the progress of this noble initiative. In March 2017, we succeeded in launching the first project by the fund to support the efforts of the Senegalese government to fight and eradicate malaria.”
The meeting, held for the second time since its establishment in Riyadh, was opened by Dr. Abdullah bin Abdulaziz Al-Rabiah, adviser to the Royal Court and general supervisor of the King Salman Center for Humanitarian Relief and Works.
It was attended by representatives from Saudi Arabia, Qatar, the UAE, the Bill & Melinda Gates Foundation and the Islamic Solidarity Fund for Development.


Tadawul index records highest close since July 2019 on Sunday

Updated 30 November 2020

Tadawul index records highest close since July 2019 on Sunday

  • Total trading reached $3.17 billion

Saudi Arabia’s benchmark Tadawul All Share Index (TASI) rose 0.2 percent, or 15 points, to end at 8,709 points on Sunday, the highest closing since July 2019.

Total trading reached SAR 11.9 billion ($3.17 billion), with the advance-decline ratio at 146:44.

SPIMACO rose 5.5 percent to SAR 43.05. The company signed a non-binding memorandum of understanding with German biopharmaceutical firm, CureVac, to provide COVID-19 vaccine in the Kingdom.

Electrical Industries closed 5.6 percent higher at SAR 24.26, as the firm completed the final phase of share buyback for SAR 7.2 million.

Naseej went limit up to close at SAR 33.

Oil giant Saudi Aramco fell 0.4 percent to SAR 35.75, while banking major Al Rajhi slipped 0.3 percent to SAR 74.

Blue chip SABIC edged down 0.3 percent to SAR 96.50.

Alandulas was the top decliner, shedding nearly 2 percent to SAR 21.08.

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