IDB transfers 30 million dollars to Palestine

The Jeddah-based Islamic Development Bank (IDB) transferred on Monday US$ 30 million, representing the third installment of an US$ 180-million loan approved by last March Arab summit.

An IDB statement said the loan is part of mechanisms set forth support the Palestinian Intifadah (uprising) against the Israeli aggressions, in accordance with decisions of last October's emergency Arab summit. The summit decided to establish two funds worth one billion dollars to back the Palestinian people and Islamic sanctities.

Out of the one billion-dollar fund, 200 million was earmarked for support of the Al-Aqsa intifada and 800 million for Al Quds (Jerusalem).

Last May, the bank announced it extended US$ 15 million to the Palestinian National Authority (PNA)

The IDB, an offshoot of the Organization of Islamic Conference (OIC), was established in 1975 for financing development projects in 53 member states, in addition to encouraging trade among Muslim countries.