OPEC Fund extends $2 million to rehabilitate infrastructure in Palestine
The OPEC Fund for International Development has approved a grant of two million dollars to support an ongoing project established by the Islamic Development Bank (IDB) to repair and rebuild homes and public buildings that have been damaged or destroyed by Israeli military incursions into Palestine.
The IDB project, Rehabilitation and Reconstruction of Damaged Houses and Private Properties in Palestine, began in February 2001. To date, around 29,000 homes have been renovated. Now in its second phase, the project has intensified its efforts and widened its scope to include the repair of damaged roads.
The Fund grant will be drawn from its Special Grant Account for Palestine, which was set up to help finance relief operations in the occupied territories. With an initial endowment of $10 million, the account has enabled the Fund to scale up its intervention and provide greater assistance to the Palestinian people. The first grant drawn from the Account was approved in December 2002 for two million dollars and co-financed an initiative aimed at providing financial support to Palestinian universities and students.
Since its inception, the OPEC Fund has pledged its solidarity with Palestine by extending over $16.5 million in grants for a number of emergency assistance schemes and a wide range of regional programs that supported, among others, hospitals, maternity clinics, rehabilitation and vocational training centers and colleges. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
- IDB extends $10 million in loans and grants to Cameroon
- OPEC Fund extends $2 million grant to Palestinian hospitals
- OPEC Fund extends $13 million loan to Yemen’s Social Fund for Development
- Bahrain establishes US$4.6 million special fund to support research, education in Islamic finance
- OPEC Fund extends $570,000 to finance capacity building projects in West Bank