Jeddah - 1 July 2018: Following the quarterly meeting of the Islamic Development Bank’s (IsDB) Board of Directors, the development bank has announced the establishment of the Economic Empowerment Fund for the Palestinian People with a founding capital of US$500 million, US$100 million of which is from the IsDB. Other capital shares of the Fund come from other contributors in accordance with restricted or absolute, temporary or permanent, waqf (Islamic endowment) contributions, as well as through various investment and financing participations.

In its first meeting since the IsDB launched its new brand in June 2018, the Board also approved US$ 57.1 for financing development projects in member countries and approved in principle the establishment of the Wqaf International Centre of Excellence in Madinah and a US$54 million for the Conakry Sewage Sanitation Project in Guinea.

The promotion of science, technology and innovation as a catalyst for economic growth is an important priority for the IsDB as was evident by the launch of the Transform fund in March 2018. In an exciting development in this arena, the Board approved a Technical Assistance grant amounting to US$ 1.5 million for a Regional Community Development Programme for Rural Women Engineers. This will be implemented in remote villages in nine-member countries namely, Afghanistan, Cameroon, Mali, Senegal, Somalia, Syria, Jordan, Burkina Faso and Indonesia, by employing a proven Model for Self-Sustaining Community Development.  

The technical assistance will:

  • Supporting 44 illiterate and semi-literate Women Barefoot Solar Engineers as entrepreneurs in their own right, and enable them to train and develop the skills of other women
  • Solar electrify 2,250 households by the trained women
  • Bring clean sustainable light to 14,625 People across the 9 countries
  • Develop viable business models and go-to-market approaches for a number of decided livelihood activities customized to tap relevant local and/or international market opportunities.

Special Assistance grants to Muslim communities in non-member countries amounted to US $ 1.6 million were also approved by the Board as follows:

  • Establishment of Vienna Elementary School for Vienna Islamic Federation, Vienna, Austria (US$200,000).
  • Purchasing of a New Building for Safa & Marwa Islamic School, Mississauga, Canada (US$200,000). 
  • Construction of El-Rahma Medical Center, Kinshasa, Democratic Republic of Congo (US$200,000).
  • Construction of the Sisak Elementary School, Sisak Town, Slavonija, Republic of Croatia (US$200,000).  
  • Construction of the OZEF Special Education Center, Nicosia, Turkish Republic of Northern Cyprus (US$200,000).
  • Construction of New School Building for Suffah Ideal Academy in Birgung Village, Nepal (US$200,000).
  • Construction of the El-Falaah Laboratories Block in Vikindu, Mkurranga District, Tanzania (US$200,000).
  • Expansion of Palm Tree Academy, El Paso, TX. USA (US$200,000).

 

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