Al-Ihsan Waqf Investment Fund $100 Million to Bost Palestinian’s Economic

Jerusalem, MINA – Executive Director of AI Quds Fund and Endowment Taher Al Disi announced the establishment of the Al-Ihsan Waqf Investment Fund with an initial worth $100 million to foster economic and social development for Palestine.

The announcement was made during the sixth General Assembly Meeting and the Annual Ceremony of the Al-Quds Fund and Al-Quds Waqf, held in the presence of Saudi Prince Turki Al-Faisal, member of the Board of Directors of Al-Quds Fund and Endowment, Dr. Bandar Hajjar, President of the Islamic Development Bank (IsDB), and Palestinian Prime Minister Mohammad Shtayyeh. Asharq Al-Awsat reported Saturday (August 22).

At the ceremony, the Islamic Development Bank signed with Palestinian investors the agreement to establish the Al-Ihsan Waqf for Al-Quds and the Al-Quds Empowerment Fund.

Hajjar commended the role of Saudi Arabia in launching numerous initiatives in favor of Palestine in general and Al-Quds in particular.

He said these initiatives include the establishment of the Al-Aqsa and Al-Quds Funds with financial resources amounting to $1 billion, whose management has been entrusted to the Islamic Bank.

The President added that, upon the initiative of the Kingdom, the Islamic Solidarity Fund for Development (ISFD) was established to fight poverty.

The Palestinian Prime Minister strongly commended the initiative of the Islamic Development Bank to establish a fund for the economic empowerment of the Palestinian people with a capital of $500 million.

He noted that IsDB has made a significant contribution in favor of Palestine to help it address the coronavirus pandemic, and making contributions in Gaza and in Al-Quds. (T/RS2/RE1)

Mi’raj News Agency (MINA)