al aqsa fund
al aqsa fund
al aqsa fund
al aqsa fund
An emergency Arab Summit was held in Cairo shortly after the crisis began, in October 2000, to establish vital funding support and financial mechanisms to help the Palestinian people and its once vibrant economy. A decision was taken by the Arab League States to create two financial mechanisms to provide immediate social and economic support as well as reconstruction funding for the Palestinian people in the short term and to strengthen the internal capacity of the PNA in the longer term. With a committed capital of US$1 billion, two funds were created – the Al Aqsa and Al Quds Funds. Both Funds were entrusted to IsDB to manage. In addition, the Arab funds has made a decision in Damscus 2011 to allocate yearly 10% of their annual profits In favor of the efforts exerted to alleviate the suffering of the Palestinian people.
mission
The Al Aqsa Fund finances projects aimed at strengthening the internal capacity of the Palestinian economy in the long term and addressing the humanitarian needs of the Palestinian people in the immediate term focusing on projects which include humanitarian and emergency assistance, reconstruction of infrastructure facilities and development projects in all vital sectors of the economy.
governance structure
members
approval process and selection criteria
governance structure
members
approval process and selection criteria
Role of isDB
The Council of Arab Finance Ministers has entrusted the Islamic Development Bank with the task of managing the two funds in a way that ensures the proper use and development of its resources and in a manner that achieves the goals for which the two funds were established, titlely supporting the steadfastness of the Palestinian people, preserving the Arab and Islamic identity of Jerusalem and enabling the Palestinian economy to develop its own capabilities.
From this point of view, the bank’s mission is to:
Role of isDB
The Council of Arab Finance Ministers has entrusted the Islamic Development Bank with the task of managing the two funds in a way that ensures the proper use and development of its resources and in a manner that achieves the goals for which the two funds were established, titlely supporting the steadfastness of the Palestinian people, preserving the Arab and Islamic identity of Jerusalem and enabling the Palestinian economy to develop its own capabilities.
From this point of view, the bank’s mission is to:
Role of isDB
The Council of Arab Finance Ministers has entrusted the Islamic Development Bank with the task of managing the two funds in a way that ensures the proper use and development of its resources and in a manner that achieves the goals for which the two funds were established, titlely supporting the steadfastness of the Palestinian people, preserving the Arab and Islamic identity of Jerusalem and enabling the Palestinian economy to develop its own capabilities.
From this point of view, the bank’s mission is to:
procedures
Based on the Bank’s practical experience in managing the projects it has financed in the Palestinian territories since its inception, as well as its experience in managing the generous grant approved by the Government of the Kingdom of Saudi Arabia for housing projects in the city of Al-Quds Al-Sharif, and guided by the general rules followed by the Bank in implementing projects it finances in member states and for the benefit of communities It is proposed to follow the following procedures for each of the two funds
