Morocco contributes to $50mn Arab fund for Palestine

Rabat - Several Panarab Funds have announced they would allocate 10 percent of their 2005 net revenues, or $50mon to Palestine to finance hospitals and schools, a reliable affirmed on Wednesday.

Representatives from Arab financial institutions took the decision during their third annual meeting in Rabat, saying their objective was to support efforts meant to alleviate the current hardship in Palestine, the source said.

The assistance will directly be granted to the Palestinian people through the Funds' agencies present in Palestine and "will not transit by the government".

Representatives from the Arab Fund for Economic and Social Development (AFESD), the Arab Organisation for Investment Guarantee (OAGI), the Arab Bank for Africa's Economic Development (BADEA), the Arab Monetary Fund (FMA) and the Arab Organisation for Agricultural Development (OADA) attended the two-day meeting which ended on Wednesday.

Arab Ministers in charge of Economy and Finance and delegates from regional and international organisations also attended the conference.