IDB Group Participates in Fight Against Poverty

Jeddah, A recent report published by the Islamic Development Bank (IDB) Group disclosed at its annual meeting held in August 2021 in Uzbekistan that its Islamic Solidarity Fund for Development (ISFD) has succeeded in achieving good results in combating poverty in the Bank's Member States.

The report aimed to outline the effectiveness of the efforts being made by the Bank through its specialized arm, ISFD in the fight against poverty.

The report showed that about 74 million people have benefited from the health projects that have been implemented by ISFD from 2007 to 2020, along with the construction of 2,906 schools while the number of beneficiaries of its food security projects reached 105452 people.

The Fund also provided 2,813,000 jobs and empowered or supported 34,000 women and girls, supported 51,400 male and female students, trained 4,650 teachers and built or maintained 769 schools.

The Fund's mission is to reduce poverty in member countries, especially the least developed countries, with a focus on comprehensive human development that is concerned with issues of education, women, youth, community development and health.

The Fund was established in 2007 with a capital of $10 billion of which US$1 billion provided by the Kingdom of Saudi Arabia. About 30% of the Fund’s resources were directed to agriculture to provide job opportunities and improve the lives of farmers, and 23% to education to rehabilitate human cadres and return students who have dropped out of education to their schools again since education is one of the main pillars of the fight against poverty.

Also, about 18% of the Fund’s resources has been directed to improving people's living conditions.

Moreover, the Fund supported water, sanitation and urban services and allocated US$653.2 million to combat poverty in least developed countries.

On the occasion of the International Day for the Eradication of Poverty which falls today, Sunday, it is indicated that most of the Group's activities are aimed at combating poverty and promoting economic and social progress in its member states.

Source: Saudi Press Agency