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FINANCIAL NEWS
Arab League endorses USD1b fund for Arab East Jerusalem
27 Mar 2013
(MENAFN) During the Arab summit that was held in Doha, the Arab League has approved the establishment of a USD1-billion fund to finance projects and programs in Arab East Jerusalem, reported Arabian Business.
The Qatari proposal would see the emirate contributing with USD250 million to the fund, which will be managed by the Islamic Development Bank (IDB).
The purpose of the projects financed by the fund is to maintain the Arab and Islamic identity of the city and reinforce the steadfastness of its people.
It is worth noting that last week, the US pledged USD500 million in aid to the Palestinian Authority (PA), which administers parts of the Israeli-occupied West Bank and is in deep financial debt.
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