Global Arab Network | Saudi Arabia: GCC Program appropriates 4 mln to finance projects in Gaza

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Saudi Arabia: GCC Program appropriates $164 mln to finance projects in Gaza

Global Arab Network - - Mohammed Almasri

Saturday, 23 January 2010 15:24

Saudi Arabia (Jeddah) - The program of the Gulf Cooperation Council (GCC)'s member states for the reconstruction of Gaza Strip approved to finance projects worth a total of $ 164 million in the Strip.

This came at the conclusion of the first meeting of the program, which was held recently at the headquarters of the Islamic Development Bank in Jeddah.

Projects approved by the Coordinating Committee for the first generation of the program for 2010 includes sectors of health, education, water & sanitation, electricity, transportation, agriculture, housing and municipal services.

During the meeting, a memorandum of understanding between the Coordinating Committee of the program and the Islamic Development Bank was signed under which the Committee will implement the reconstruction projects in the framework of the program.

It is worth mentioning that the Program was created immediately after the recent attack on Gaza, The financing of the Projects is part of US$ 1.6 Billion package that was approved by the GCC member countries to reconstruct the Gaza Strip.

The Islamic Development Bank is an international financial institution established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in Dhul Q'adah 1393H, corresponding to December 1973. The Inaugural Meeting of the Board of Governors took place in Rajab 1395H, corresponding to July 1975, and the Bank was formally opened on 15 Shawwal 1395H corresponding to 20 October 1975.

The purpose of the Bank is to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly in accordance with the principles of Shari'ah i.e., Islamic Law.

Global Arab Network

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