The Islamic Development Bank’s (IsDB) has established the Economic Empowerment Fund for the Palestinian People with a founding capital of US$500 million. US$100 million of the fund comes from the IsDB with other contributions from waqf (Islamic endowment) contributions and other investment and financing instruments.
The Board also approved US$57.1 million for financing development projects in member countries and approved in principle the establishment of the Waqf International Centre of Excellence in Madinah, KSA.
The promotion of science, technology and innovation as a catalyst for economic growth is an important priority for the IsDB as was evident by the launch of the Transform fund in March 2018. As part of this initiative the Board has approved a technical assistance grant amounting to US$1.5 million for a Regional Community Development Programme for Rural Women Engineers. This will be implemented in remote villages in nine member countries including Afghanistan, Syria, Jordan, and Indonesia, by employing a proven model for self-sustaining community development.
The technical assistance will:
- Support 44 illiterate and semi-literate Women Barefoot Solar Engineers as entrepreneurs in their own right, and enable them to train and develop the skills of other women
- Bring solar electricity to 2,250 households via the trained women
- Install clean sustainable light to 14,625 people across the nine countries
- Develop viable business models and go-to-market approaches for a number of decided livelihood activities customised to tap relevant local and/or international market opportunities.
Special Assistance grants to Muslim communities in non-member countries amounted to US$1.6 million were also approved by the Board, including:
- Construction of the OZEF Special Education Center, Nicosia, Turkish Republic of Northern Cyprus (US$200,000).
- Construction of New School Building for Suffah Ideal Academy in Birgung Village, Nepal (US$200,000).