Published : 04-03-2019
The Organization of Islamic Cooperation (OIC) endorsed on Saturday the establishment of an endowment fund to ensure the sustainable financing of the United Nations Relief and Works Agency (UNRWA), reported the Saudi Press Agency.
The agreement was reached during a meeting in Abu Dhabi by foreign ministers of OIC member states.
The funds will be dedicated mainly to supporting Palestinian refugees, announced OIC Secretary General Dr. Yusuf AlOthaimeen.
The endowment fund will be run as a trust fund under the umbrella of the Jeddah-based Islamic Development Bank.
UNRWA is confronted with an increased demand for services resulting from a growth in the number of registered Palestine refugees, the extent of their vulnerability and their deepening poverty.
UNRWA is funded almost entirely by voluntary contributions and financial support has been outpaced by the growth in needs. As a result, the UNRWA program budget, which supports the delivery of core essential services, operates with a large shortfall.
The Organization of Islamic Cooperation (OIC) endorsed on Saturday the establishment of an endowment fund to ensure the sustainable financing of the United Nations Relief and Works Agency (UNRWA), reported the Saudi Press Agency.
The agreement was reached during a meeting in Abu Dhabi by foreign ministers of OIC member states.
The funds will be dedicated mainly to supporting Palestinian refugees, announced OIC Secretary General Dr. Yusuf AlOthaimeen.
The endowment fund will be run as a trust fund under the umbrella of the Jeddah-based Islamic Development Bank.
UNRWA is confronted with an increased demand for services resulting from a growth in the number of registered Palestine refugees, the extent of their vulnerability and their deepening poverty.
UNRWA is funded almost entirely by voluntary contributions and financial support has been outpaced by the growth in needs. As a result, the UNRWA program budget, which supports the delivery of core essential services, operates with a large shortfall.