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Jeddah: The Jeddah-based Islamic Development Bank (IDB) has initiated a $10-billion fund to fight poverty in the Islamic world.
Saudi Arabia donated $1 billion for the fund while Kuwait donated $300 million, said IDB in a press release yesterday. The bank noted that it marked the launching of the new fund on the sidelines of the World Bank-IMF meeting in Washington last Sunday.
"The anti-poverty fund has so far got pledges from 29 countries of the IDB to take part in it," IDB president Dr Ahmad Mohammad Ali said.
He said 29 IDB Islamic countries members have till now pledged to donate $2.6 billion.
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