Islamic Development bank grants $ 50 mln to palestinians

The Islamic Development bank (IDB) will grant the Palestinian treasury 50 $ Mln, Palestinian representative in Ryad said Wednesday.

"The IDB proceeded Wednesday to the transfer of $ 10 Mln. The remaining $ 40 Mln will be transferred next week," he said.

The bank had given the Palestinians $ 45 Mln in September, part of the Arab support for the Intifada.

The IDB runs two Arab funds of $ 1.0 Bln for Palestinian support. The funds were created in October 2000 at the Cairo Arab summit.