DAKAR, March 30: The Islamic Development Bank launched a $10 billion fund on Wednesday to combat poverty in developing Muslim nations in Africa and other parts of the world.

The fund, which has an initial endowment of $1.4 billion, will be dedicated to alleviating poverty, promoting health and universal education, and empowering women in 56 member countries.

“This launching ceremony of the IDB’s Poverty Alleviation Fund symbolises a revitalisation of the Islamic community in a world where unmatched wealth is next to absolute poverty,” the host of the bank's annual meeting, Senegalese President Abdoulaye Wade, told delegates.

Saudi Arabia has already pledged to contribute $1bn, Kuwait $300m, Iran $100m and Senegal $10m, bank officials said.

The aim of the fund is to help meet the UN Millennium Development Goals proposed by then-Secretary-General Kofi Annan and approved by world leaders.—Reuters