Dr Waleed Alwohaib, Director General, ISFD
, commented, "I would like to thank KS Relief for hosting the second meeting of the LLF's Impact Committee, and we are also grateful to the Kingdom of Saudi Arabia for being the largest contributor to the ISFD
, the poverty reduction fund of the Islamic world.
So far, $400mn in grants have been committed by the Bill & Melinda Gates Foundation (20% of the total up to $100mn), the ISFD
($100mn), the Qatar Fund for Development ($50mn), the King Salman Relief and Humanitarian Aid Centre ($100mn), and the Abu Dhabi Fund for Development ($50mn).
The IDB and ICD were joined by other Group members, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the International Islamic Trade Finance Corporation (ITFC) and the Islamic Solidarity Fund for Development (ISFD
IDB has special funds, programs and initiatives such as Islamic Solidarity Fund for Development (ISFD
) to alleviate poverty, Special Program for the Development of Africa (SPDA) that aims to support investments in social and infrastructure sectors in Sub-Saharan Africa, Jeddah Declaration of Food Security which supports member countries affected by the global food crisis and Youth Employment in Arab Countries which addresses issue of high unemployment among youth in Arab countries.
The IDB President offered Kyrgyzstan to join the Islamic Solidarity Fund for Development (ISFD
) and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
The law No.(8) agreed on the loan agreement signed on May 4, 2010, between Yemen and the Islamic Solidarity Fund for Development (ISFD
) of US$ 10,890,000 in addition to a grant worth US$ 370,000 to contribute in financing the Vocational Literacy Program for Poverty Alleviation (VOLIP).