Islamic Development Bank gives 30 million dollars to Palestine

The Islamic Development Bank (IDB) announced it transferred US $30 million to the Palestinian Authority (PA), the second batch of a loan to back the PA's budget.

IDB chairman Ahmad Mohammad Ali said the loan's overall value amounted to $ 180 million to be presented for the authority over six months, each with 30 million. The first batch was transferred last month.

The supreme council of Al-Aqsa and Intifada funds pledged to lend the PA's budget 60 million dollars, two-third of the amount had already been transferred. The one-billion-dollar funds were established during the Arab summit in Cairo last year.