The Islamic Development Bank has announced launching a new fund aimed at strengthening the economy of the Palestinian people.

Governor of the Bank, Dr. Mohammed Shtayyeh made the announcement, saying  that the fund has a capital of 500 million US dollars, which will be invested to empower the Palestinian people. 

Shtayyeh said that the Islamic Development Bank contributes 100 million USD to the fund, while the remaining funds are being mobilized through a number of partners and entities.

“The fund will work under the supervision of the Islamic Bank and in accordance with international best practice in governance and investments management with young entrepreneurs and less fortunate families, to enable a quarter million Palestinian families within the next decade,” he added.

Shtayyeh pointed out that this fund comes in response to the initiative of President Mahmoud Abbas to establish an economic empowerment program.