The economy and finance ministers of 57 members of the Organization of the Islamic Conference (OIC) agreed on Saturday to establish a fund to fight poverty, the Iranian official news agency IRNA reported.
The agreement was signed on the sidelines of the General Assembly meeting of the International Islamic Trade Finance Corporation (ITFC) in Jeddah, Saudi Arabia, on February 24. The ITFC aims to boost the economic development of OIC member states by enhancing regional trade. It has initial capital of $300 million, according to IRNA.
This initiative "will work to alleviate economic burdens and combat poverty in the least developed member countries," Islamic Development Bank (IDB) president Ahmad Muhammad ‘Ali said in his address to ministers.
‘Ali added that the ITFC would provide more resources to the IDB to finance exports and investments and to secure necessary guarantees that will facilitate greater trade exchange at regional level. ‘Ali stressed that the main objective of the ITFC was to increase the modest intra-trade volume among OIC member states.
The OIC is an inter-governmental organization grouping 57 states in Africa, the Middle East and Asia. The organization was established in Morocco in 1969.