[Kuwait] ‘Fight poverty in Islamic world’; IDB plans to set up fund in Kuwait meet on May 30

from Arab Times Online

JEDDAH (KUNA): A fund for fighting poverty in the Islamic world is expected to be established during the 31st annual meeting of the Islamic Development Bank (IDB) group, due in Kuwait on May 30-31, IDB President, Dr Ali Mohammed Ali said Wednesday. In statements to KUNA, Dr Ali affirmed the importance of the Kuwait meeting as it is considered the first meeting for the IDB Board of Governors after the extraordinary Islamic Summit held last December in Makkah. He added the agenda of the Kuwait meeting consists of three important factors; signing an agreement for the establishment of the Islamic institution for financing the trade, increasing the bank’s capital and establishing a fund for fighting poverty.

He expressed his dissatisfaction at the volume of trade exchange between the Islamic countries, estimated at 13 percent, hoping that the institution would contribute to increase this trade to 20 percent. According to the official, Kuwait has already nominated a leading figure to chair this new Islamic institution, where its Board of Directors will select a new director-general. Meanwhile, Dr Ali praised Kuwait’s supportive and effective role towards the bank since its establishment 31 years ago. He added that Kuwait is one of the strong contributors of the bank, where its share in the bank is second largest after Saudi Arabia. He also praised Kuwait’s experience in Islamic banking, which started with the establishment of the Kuwait Finance House in 1977 and had a major role in establishing similar institutions in the Islamic state.

Kuwait’s charity institutions were also praised by Dr Ali, as they played a major role in supporting joint Islamic charity projects.
Regarding the Kuwaiti waqf experience, he said Kuwait is a pioneer in this field in the modern era, indicating that he constantly calls for benefiting from this vast experience and establishing waqf funds in fields such as health, environment, physically challenged and Holy Quran recitation. The IDB President expressed constructive cooperation between the bank, Awqaf General Secretariat, the Ministry of Awqaf and Islamic Affairs in Kuwait, in addition to the joint programs being carried out in several African states that aim at spreading the importance of endowments (waqf) in the Islamic societies.

He thanked Kuwait for hosting the upcoming vital IDB meeting which will witness various accomplishments for the welfare of the joint Islamic action. Dr Ali is expected to arrive in Kuwait on Friday to take part in the 31st meeting of the IDB Group which will be inaugurated under the patronage of HH the Amir of Kuwait, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah. Since its establishment in 1975, the IDB has been keen on contributing to the social and economic development of member countries and Islamic communities around the world. In another development, the IDB announced on Wednesday that it has signed two contracts for financing two electrical energy stations which will be pumping 750 megawatts in Syria at a cost of 180 million euros.

The bank said the first contract states it will finance 9.95 million euros for Deir Ali power station south of Syria. The amount will cover importing and setting up a gas power station supplying electricity which will transmit 250 megawatts. The second contract will obligate the bank to finance 1.84 million euros for Dier Al-Zour power station project east of Syria. The financing will also cover importing and setting up a gas power station with the same amount of transmitting megawatts. The bank also said the Syrian government has put a great deal of interest in building these two projects because it will serve the demand of the two most populated areas. The IDB contributions in developing projects for Syria has reached $548 million.