Jeddah, 29.03.2012 – The government of Egypt has agreed to contribute US$ 10 million to the Islamic Solidarity Fund for Development (ISFD), the poverty reduction arm of the Islamic Development Bank (IDB). The amount is estimated to be equal to 0.4 percent of the total commitments declared by the ISFD member countries currently standing at US$ 2.6 billion.

The ISFD was established in 2007 by the Third Extraordinary Summit of the Organization of Islamic Cooperation (OIC), in Makkah in 2005. It formally started operations in the 2008 on an initial capital of US$ 10 billion. The fund focuses on reducing poverty in IDB’s Least Developed Member Countries (LDMCs) through provision of concessional financing and supporting projects.