Originally published: March 13, 2008
Source: AME Info
Islamic Development Bank (IDB), the multilateral development financing institution for the Islamic world, has announced details of the first two programs under the five-year strategy of the Islamic Solidarity Fund for Development (ISDF). The US$10 billion Waqf fund was recently created by IDB for poverty reduction in Organisation of The Islamic Conference (OIC) member countries.
The two programs, Vocational Literacy Program for Poverty Alleviation (VOLIP) and the Microfinance Support Program (MFSP), will seek to provide a total sum of US$1 billion in financing over the next five years. VOLIP will aim to provide US$500 million in funds for vocational literacy while MFSP will provide US$500 million in microfinance to poor communities to help create employment opportunities and improve living conditions.
The ISFD will launch the two programs after the OIC Summit held in Dakar from March 13-14, 2008.
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