An Arab fund exceeding $538 million has been set up to support the Palestinian uprising against Israel, reported AFP news agency on Sunday, August 26.
Twelve Arab nations participated in the fund, with Saudi Arabia as the largest donor with $240 million, followed by the UAE and Kuwait each committed to $150 million. The fund currently holds 78 percent of the total amount committed by the 12 countries.
According to the president of the Islamic Development Bank (IDB), Ahmad Mohammad Ali, $251 million have already been transferred to the Palestinian Authority, mostly in the form of donations and loans to various sectors including hospital, education and infrastructure projects.
Qatar so far made a total donation of $50 million, Algeria $30 million, Oman $10 million, Syria $7 million, Bahrain $3 million and Jordan contributed $2 million. Five of the 12 countries are yet to meet the full amount previously agreed upon.
Saudi Arabia has $40 million remaining of the $240 million it has promised to provide the fund, while the United Arab Emirates has allocated $92 million of its 150 million. Yemen, which promised to contribute $10 million, has donated merely $2 million, and Egypt still has an installment of $10 million from the $30 million it pledged.
Two funds were created at the start of the Intifada in October of last year which are managed by the International Development Bank. The amount pledged by Arab nations at the time of the fund’s creation was one billion dollars. The Intifada Fund was created to support families of Palestinian killed or wounded, whereas the Al-Aqsa Fund is for the purpose of maintaining and supporting the shattered Palestinian economy. —(Mena Report)
© 2001 Mena Report (www.menareport.com )