Bahrain vows $2m to fight poverty

from The Gulf Daily News

By SOMAN BABY

BAHRAIN has pledged $2 million (BD756,000) towards a fund aimed at combating poverty throughout the Islamic world.

The $10 billion Islamic Solidarity Fund for Development is being established within the Islamic Development Bank to support poor countries in the Islamic world, especially in Africa.

A high-level bank advisory panel met at the Gulf Hotel yesterday to discuss the poverty drive.

Finance Minister and the bank's board of governors chairman Shaikh Ahmed bin Mohammed Al Khalifa said Bahrain was proud to be associated with the unique fund.

"The fund was established within the Saudi-based bank, following a decision of the third extraordinary meeting of the Islamic Summit, held in Makkah Al Mukarramah in December 2005," he said during a Press conference.

"We shall contribute $2m to the fund and will also support it through technical training and education."

The fund, the objectives of which are linked directly to supporting the achievement of the UN Millennium Development Goals, will focus on combating poverty, reducing illiteracy and fighting communicable diseases in the bank's least developed member countries, 80 per cent of which are in Africa.

Those who attended yesterday's meeting were political and economic leaders and humanitarians from across the Organisation of Islamic Conference member states.

Among them were former Sudanese president Abdulrahman Mohamed Hassan Siwar Al Dhahab, former premiers Mahatir Mohammed (Malaysia), Mohammed Azzarooq Rajab (Libya) and Mo'een Quraishi (Pakistan).

Former Saudi Finance Minister Mohammed Aba Al Kheil, Shaikha Haya bint Rashid Al Khalifa and Dallah AlBaraka Group chairman Shaikh Saleh Kamel also attended.

The bank's delegation is led by its president Dr Ahmad Mohamed Ali, who called for enhanced efforts to ensure participation by the private sector in the fund.

"High-net-worth individuals and corporates should contribute as part of their corporate social responsibility efforts," he said.

The meeting also stressed the need for more effective channelling of Zakat and discussed ways to mobilise further government contributions from the bank's member countries.

Participants further highlighted the importance of technical resource assistance with the Iranian government, committing themselves to providing technical training and education to 1,000 students from targeted beneficiary countries.

Other recommendations included preparing strategies aimed at enhancing mobilisation for the fund, which could be presented to leaders for approval at the upcoming 10th Islamic Summit in Senegal, being held in March.

Before concluding the event, the participants were received by Deputy King Shaikh Salman bin Hamad Al Khalifa, who underlined Bahrain's commitment to the fund.