IsDB Grants $120M for Palestinian Development Programs

The Islamic Development Bank is pouring $120 million into development projects in the Palestinian territories.

IsDB President Ahmad Mohamed Ali and Palestinian Prime Minister Salam Fayyad signed the agreement on Saturday (April 30) in Ramallah. The funding will be managed by the finance ministry. According to the state-run Palestine News & Info Agency, or WAFA, this is the first time IsDB has agreed to provide aid directly to the Palestinian Authority.

The aid will be used to rehabilitate schools and education facilities in Jerusalem, develop rural areas threatened by Israeli settlements and blockade, and promote economic development among the poor, WAFA says.