The Islamic Development Bank (IDB) launched a 10 billion US dollar (55 milliarder DKR) fund on Wednesday to combat poverty in developing Muslim nations in Africa and other parts of the world.
Saudi Arabia has already pledged to contribute 1 billion dollar, Kuwait 300 million, Iran 100 million and Senegal 10 million, bank officials said.
IDB Vice-President Amadou Babacar Cisse said the Saudi Arabian-based bank would be active across the whole of the African continent, not just in those countries where Islam was the predominant religion.
Under Islamic law, the bank may not charge interest (tage renter) on its financial loans but it aims to cover its expenses in the projects it finances. It sees its operations complementing the activities of other multilateral lenders such as the World Bank.
The fund, which has an initial endowment (kapital) of 1,4 billion dollar, will be dedicated to alleviating poverty, promoting health and universal education, and empowering women in the banks 56 member countries. The aim of the fund is to help meet the UN MDGs (2015 Målene).
Kilde: www.worldbank.org
