Launching Al-Quds Empowerment Fund Progress Reviewed

Jeddah, Kingdom of Saudi Arabia, 6 October 2021 – In a virtual meeting on Wednesday, the Islamic Development Bank (IsDB) President and Chairman of IsDB Group, Dr. Muhammad Al Jasser, HRH Prince Turki Al Faisal, Chairman of the Board of Trustees of the Al-Quds Fund and Endowment , and Mr. Munib Al-Masry, Chairman of the Board of Directors of the Al-Quds Fund and Endowment, the progress in launching the Al-Quds Empowerment Fund, which was established by the Islamic Solidarity Fund for Development (ISFD) at the Bank, in cooperation with the Al-Quds  Fund and Endowment.

The meeting also discussed the arrangements for holding the founding meeting of the Fund’s Board of Shareholders and the meeting of the Board of Trustees in preparation for launching the Fund’s operations.

Ways to develop partnership in order to support the role of the Fund were also studied and the meeting praised the efforts by IsDB and ISFD as well as their support for development projects for the benefit of the State of Palestine.

Dr. Al Jasser stressed that the Fund's goal is to mobilize the necessary financial resources to find a financing mechanism to contribute to supporting community development projects for Palestinians in Al-Quds through financing specific development programs and projects.

At the beginning of the session, the IsDB President welcomed HRH Prince Turki Al Faisal, praising HRH’s great activity in serving Arab causes, especially Al-Quds, which is placed in the hearts of Arabs and Muslims and the leadership and the people of Saudi Arbia in particular.

He also welcomed the businessman, Mr. Munib Al-Masry, the initiator of the distinguished humanitarian and development initiatives, and thanked him for his perseverance and cooperation with the Bank to serve Al-Quds and Palestine.

Dr. Al Jasser also stressed that the Islamic Development Bank has been honored to serve Al-Quds and Palestine, and that the Bank is keen to support and empower the Palestinian people on their land. He also elaborated on the Bank’s constructive role evidenced by its success in managing the Al-Aqsa Fund for 20 years, as well as the reconstruction program in Gaza, and the establishment of the Empowerment Fund.

The Bank has also contributed to supporting Palestine’s efforts in responding and recovering from the impacts of the COVID-19 pandemic.