Islamic bank sets up $10B poverty fund



Hoping to strengthen global efforts to meet the 2015 deadline for the U.N. Millennium Development Goals, the Islamic Development Bank unveiled a $10 billion fund to help reduce poverty, promote health, ensure universal education, and empower women in Muslim countries around the world. “This launching ceremony of the IDB’s Poverty Alleviation Fund symbolizes a revitalization of the Islamic community in a world where unmatched wealth is next to absolute poverty,” Senegalese President Abdoulaye Wade told delegates at the bank’s annual meeting. Member countries have come forward with their pledges, with $1 billion from Saudi Arabia, $300 million from Kuwait, $100 million from Iran and $10 million from Senegal, all in all giving the fund an initial endowment of $1.4 billion.

Source: Islamic bank launches $10 bln poverty fund (Reuters)

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