Bank raises US$10b for Africa

UNITED NATIONS – The Islamic Development Bank, based in Saudi Arabia, announced on Monday it would raise at least US$10 billion over 10 years to combat extreme poverty in Africa and elsewhere among developing nations.

Amadou Boubacar Cisse of Niger, vice president of operations for the bank, told a news conference the new Poverty Alleviation Fund was in addition to some US$3 billion currently spent on projects for basic social services in needy countries among its 56 bank members. The aim is to help meet the UN Millennium Development Goals (MDGs), proposed by Secretary General Kofi Annan and approved by world leaders in 2000.They include cutting extreme poverty by half, ensuring universal primary education, and stemming the AIDS pandemic, all by 2015, among others.But Cisse said not all members, such as Gabon or Cameroon, had a majority Muslim population and the bank’s projects would not impose Islamic strictures on such targets as girls’ education.”The girls in the Muslim (areas) are more backward, the ratio is the lowest” for education, Cisse said.”But it is for our member countries to decide.”He said Saudi Arabia had pledged US$1 billion and Kuwait US$300 million to launch the fund, which is expected to start operations in mid-2007.The bank currently has provided financing for projects in Senegal, Niger, Mali and Uganda, among others, Cisse said.The bank’s announcement coincided with an all-day conference among governments, business leaders, foundation heads and advocacy groups, organised by UN General Assembly President Haya Rashed al Khalifa of Bahrain to take stock of the Millennium Development Goals.Kemal Dervis, head of the UN Development Programme, said no region was on track to meet all seven of the goals by 2015.Nampa-ReutersThe aim is to help meet the UN Millennium Development Goals (MDGs), proposed by Secretary General Kofi Annan and approved by world leaders in 2000.They include cutting extreme poverty by half, ensuring universal primary education, and stemming the AIDS pandemic, all by 2015, among others.But Cisse said not all members, such as Gabon or Cameroon, had a majority Muslim population and the bank’s projects would not impose Islamic strictures on such targets as girls’ education.”The girls in the Muslim (areas) are more backward, the ratio is the lowest” for education, Cisse said.”But it is for our member countries to decide.”He said Saudi Arabia had pledged US$1 billion and Kuwait US$300 million to launch the fund, which is expected to start operations in mid-2007.The bank currently has provided financing for projects in Senegal, Niger, Mali and Uganda, among others, Cisse said.The bank’s announcement coincided with an all-day conference among governments, business leaders, foundation heads and advocacy groups, organised by UN General Assembly President Haya Rashed al Khalifa of Bahrain to take stock of the Millennium Development Goals.Kemal Dervis, head of the UN Development Programme, said no region was on track to meet all seven of the goals by 2015.Nampa-Reuters