Bayt Mal Al-Quds Agency invested over $444,000 in 2004 in Al-Quds city

The financial institution of Bayt Mal Al Quds Agency has invested over $444,000 in 2004 in projects destined to the population of the city of Al-Quds (Jerusalem).

According to documents published by the agency, investment projects included granting scholarships to students of Al Quds, printing books on the history of the city, upgrading colleges and renovating the electric network of the occupied city.

The Agency, an offshoot of the Organization of the Islamic Conference (OIC), was set up in 1997 to mobilize material and financial resources in defense of Palestinian rights over the city of Al-Quds Acharif as capital of Palestine, and to safeguard its civilizational, religious, cultural and architectural heritage.

The overall amount of investments supervised by the agency from 2000 to 2003 is estimated at $8.7 billion. They mainly went to hospital equipments, schools, assistance to the sick, wounded and the needy.

The Casablanca-based Agency is run by a board of directors and a committee grouping 16 Arab and Islamic countries.

Bayt Mal Al Quds Agency provides assistance to Palestinian institutions and assesses the urgent needs of Al-Quds, notably in education, housing, health, industry and tourism.

It also gives legal support to persons threatened of expropriation and loss of identity, in order to face Israeli attempts to "judaize" the city and obliterate its Islamic character and Arab identity.

The agency was created at the initiative of late King Hassan II, father of King Mohammed VI of Morocco.

Its funds are provided by contributions of member states and donations.