The Islamic Development Bank (IDB) has allocated $388 million worth of funds to finance development projects in a number of member states and Islamic communities, reported KUNA.
IDB will inject $100 million of the funds into development projects in seven states, $680,000 into technical aid and more than one million dollars will be transferred to Islamic communities in China and India
IDB consists of 53 member-countries, with each country being a member of the Organization of the Islamic Conference. The purpose of the Bank is to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly in accordance with the principles of Shari'ah Law. The Bank's principal office is located in Jeddah, Saudi Arabia. — (menareport.com)
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