IDB Approves $1m Relief Package for Somalia

The Islamic Development Bank’s Board of Executive Directors has approved a $1 million relief package to help the drought-hit people of Somalia where famine threatens more humanitarian disaster. The IDB said in a press release, it was sending the relief package to complement the relief effort in Somalia after a meeting on July 31 2011 at its headquarters in Jeddah decided on this as the best course of action in view of the worsening humanitarian situation in the Horn of Africa. The latest package is in addition to the $1 million relief grant approved last April for Somalia where a deteriorating security situation as a result of fighting between government troops and Islamist insurgents has left relief work to reach vulnerable people in the capital Mogadishu severely undermined. Meanwhile members of the IDB board discussed various development financing and technical assistance proposals in member countries as well as educational and health grants and assistance programs for Muslim communities in different parts of the world. The board reviewed ways and means of disbursing the $250 million earlier approved by the bank for the creation of job opportunities for the youth in IDB member countries undergoing economic, social and political challenges due to lack of employment opportunities. Also on the agenda was a progress report on implementation of the 5-year $1.5 billion financial support program for IDB’s least developed member countries suffering from a global food crisis. A report on the bank’s cooperation with the Turkish-based SESRIC (Statistical, Economic and Social Research and Training Center for Islamic Countries) on scholarships and capacity building in finance, economy and trade is to be reviewed at the session.