Saudi Arabia contributes additional $5 million to Al-Aqsa Fund

Published September 22nd, 2003 - 02:00 GMT

The Saudi government has contributed five million dollars to the Al-Aqsa Fund account in support the Palestinian people.  


President of the Islamic Development Bank (IDB) Ahmad Mohamed Ali said that this amount comes in response to the Beirut summit appeal to Arab countries for an additional to $150 million to support the development sectors in Palestine.  


Saudi Arabia announced earlier the additional contribution of $21 million to support the Al-Aqsa Fund and had paid $16 million. The recent five million dollar payment is the last installment towards this contribution. With this the grant, the Kingdom's total contribution to the two funds amounts to $271 million. 


IDB, which was established by Articles of Agreement in October 1975, is a multilateral financial institution of the Muslim world. The purpose of IDB 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 the Shariah, the Islamic law.  


The present membership of IDB consists of 54 countries. IDB is headquartered in Jeddah, Saudi Arabia, with regional offices in Rabat, Morocco, Kuala Lumpur, Malaysia and Almaty in Kazakhstan. — ( 





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