OIC to launch poverty fund

JEDDAH: The 57-nation Organisation of the Islamic Conference (OIC) on Sunday announced it will launch a 10-billion-dollar fund to fight poverty in the Islamic world.

“The organisation will launch in the coming days a private fund that aims to help solve problems of poverty in the Islamic world,” the OIC said on its website.

The fund is to be launched during an annual meeting of the governors of the OIC-affiliated Islamic Development Bank in the Senegalese capital on Tuesday and Wednesday.

The OIC, based in Jeddah, said Saudi Arabia provided one billion US dollars to the fund, while fellow oil-rich neighbour Kuwait has given 300 million dollars.—AFP

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