Islamic Bank receives first contributions to Palestinian funds

Chairman of the Islamic Development Bank (IDB) Ahmad Mohammad Ali announced on Sunday that the bank has begun receiving contributions from the Arab countries in the Jerusalem and Intifada funds.

Kuwaiti news agency "KUNA" quoted an IDB statement as saying the Jeddah-based bank which is in charge of supervising the two funds has received Saudi Arabia's contribution of about $30 million to the Jerusalem's fund and Egypt's contribution to the Intifada fund estimated at $ 1.5 million.

He pointed out that the bank was keen on seeing the two funds start carrying out a number of emergency projects ahead of eid al-fitr (end of Muslims fasting month of Ramadan).

The Arab emergency summit held last October in Cairo set up two funds to support the Palestinian people and its intifada with one billion dollars each.

saudi arabia had committed to donate a quarter of this one billion dollars while Kuwait said it would donate $ 150 million and the United Arab Emirates promised $ 100 million dollars.