Al-Aqsa Funds jumped to $1.27 billion

Wednesday 19 Aug 2015 - 04:43 Makkah mean time-4-11-1436

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Jeddah, (IINA) - The value of Al-Aqsa Funds (AAF) managed by the Islamic Development Bank (IDB) for implementing economic and community projects in Palestinian territories has reached $1.27 billion dollars since it was created 15 years ago.
The annual report of 2014/2015, issued on Tuesday by the IDB and obtained by International Islamic News Agency (IINA),  stated that AAF has allocated $480 million for loans to support the Palestinian authority and $787.5 million for assisting economical, educational, health, social and rebuilding infrastructure projects.
The report also showed that IDB raised $880 million from Arabian countries, and $437 million from other Arabian funds, and AFF is handling the arrangement of projects and presenting them to Arabian financing institutions and overseeing further implementations.   
IDB further stated that the project which includes all vital sectors of Palestine has reached $787.5 million, $559.9 million of which were already used.
Also, $293.1 million were spent on Infrastructure and housing projects, $177.9 million on education, $90.3 million on health, $47.4 million on rural development and agriculture, $65.9 million on commerce, civil institutions and others.
In the same context, IDB pointed out that Infrastructure and housing projects included restoring and rebuilding houses and facilities that were damaged from the bombardment of the Israeli occupation army, housing projects in Al-Quds, Gaza strip and Hebron, spent $29.5 million $10 million of which were contributed by the Islamic Bank.
Infrastructure and housing projects also included rebuilding the Old City in Jerusalem, Hebron, Nablus and Bethlehem at the cost of $36.5 million, of which $10 million were funded by AAF, $9 million from the Arab Fund for Economic and Social Development and $6 million from the Saudi Fund from Development.
It was also pointed out that AAF is funding the rebuilding of Old City in Jerusalem to contribute to the majority of Palestinian citizens, and to preserve the historical heritage of this sacred city.
Furthermore, the report indicated that the development of infrastructure and housing projects also included supporting basic facilities in Gaza Strip with $14 million, and $9.75 went to emergency support to population convergence besieged by racial separation.  
IDB's report noted that $19.2 million has been earmarked for rehabilitation of educational, health and infrastructure facilities, as well as $25.4 million for roads, $22 million for electricity interconnections, $28 million for rapid rehabilitation in Gaza Strip, $12 million to town hall services, $22 million to housing, and lastly $40 million to the development of Deir Al-Balah's camp.
Regarding the top contributors, the report says, Saudi Arabia contributed the most with an amount of $265.8 million, Followed by Kuwait with $136.8 million, United Arab Emirates with $138.5 million, Qatar with $61.9 million, Algeria $61.5 million, Egypt $26.4 million, Oman $17.4 million, and Yemen with $10.7 million.
 

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