IDB grants five million USD for schools reconstruction in Haiti

Jeddah, March 1st 2010; The President of the Islamic Development Bank (IDB) Group, H.E. Dr. Ahmad Mohamed Ali, announced that the Bank approved a grant amounting to US$5 million, from the resources of the “Waqf Fund”, an affiliate of the Bank in favor of the earthquake victims in Haiti. The grant represents the Bank’s contribution to the international efforts aiming at reconstructing schools & educational facilities hit by the devastating earthquake in Haiti last January.

IDB Group’s President had previously addressed a letter to H.E. the UN Secretary General, Mr. Ban Ki-moon, reiterating the will and readiness of the Group to participate in the reconstruction efforts in the devastated areas in Haiti. The action came in response to the urgent call made by the UN Secretary General to international organizations / institutions worldwide, including the IDB Group, to contribute to the international efforts aiming at reconstructing Haiti.

The IDB also thanked Fazeel Ferouz, President of the Central Islamic Organization of Guyana (CIOG) for providing information about the situation in Haiti after the earthquake especially with regards to the Muslim Community there.The Islamic Development Bank is an international financial institution established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in Dhul Q’adah 1393H, corresponding to December 1973. The Inaugural Meeting of the Board of Governors took place in Rajab 1395H, corresponding to July 1975, and the Bank was formally opened on 15 Shawwal 1395H corresponding to 20 October 1975.  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 i.e., Islamic Law.

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