IDB urges mem­ber to ful­fill pledges

The Pak Banker - - Front Page -

JED­DAH: A meet­ing of ex­perts at the Is­lamic Devel­op­ment Bank (IDB) urged mem­ber coun­tries to ful­fill their pledges to the cap­i­tal of the Is­lamic Sol­i­dar­ity Fund for Devel­op­ment (ISFD), which was es­tab­lished for poverty al­le­vi­a­tion in the Is­lamic world.

The two-day meet­ing came up with a num­ber of rec­om­men­da­tions in­clud­ing es­tab­lish­ment of a group of em­i­nent fig­ures to act as a high-level ad­vo­cacy and re­source mo­bi­liza­tion ve­hi­cle for the ISFD, which will be man­dated to un­der­take road shows for mo­bi­liz­ing re­sources for the fund. The ISFD was es­tab­lished by the OIC (Or­ga­ni­za­tion of the Is­lamic Coun­tries) ex­tra­or­di­nary sum­mit in Makkah in De­cem­ber 2005 and launched in 2007 with the ob­jec­tive of fight­ing poverty, il­lit­er­acy, un­em­ploy­ment and dis­eases such as malaria and AIDS in IDB mem­ber coun­tries.

The fund's tar­get cap­i­tal has been set at $10 bil­lion of which $2.63 bil­lion has been so far com­mit­ted by the IDB and its mem­bers. Saudi Ara­bia gave the largest amount of $1 bil­lion while Kuwait and Iran con­trib­uted $300 mil­lion and $100 mil­lion re­spec­tively.

Ex­press­ing grat­i­tude to mem­ber coun­tries which have al­ready con­trib­uted to the fund, the ex­perts' group urged com­ple­tion of the partly ac­com­plished pledges as well as scal­ing up of con­tri­bu­tions com­men­su­rate with their fi­nan­cial ca­pa­bil­i­ties in or­der to achieve the fund's ob­jec­tives. Speak­ing at the open­ing ses­sion, IDB Pres­i­dent Ah­mad Mohamed Ali un­der­scored the sig­nif­i­cance of the group and the role it plays in de­vis­ing rec­om­men­da­tions for as­sist­ing the fund to de­fine its chal­lenges and fu­ture prospects. The ISFD to­tal ap­provals have thus far reached $515 mil­lion cov­er­ing in­fras­truc­tural, agri­cul­tural, ed­u­ca­tional, pro­fes­sional train­ing and SME projects. -PB News

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