RAMALLAH, April 30, 2011 (WAFA) – The Jeddah-based Islamic Development Bank (IDB) Saturday signed an agreement with the Palestinian Authority granting it $120 million that will go for development and other purposes.

Prime Minister Salam Fayyad signed the agreement at his office with the IDB, which came after he had met with IDB president, Ahmad Mohamed Ali, to discuss financial support for Palestinian projects.

The money will go toward three major projects, which include rehabilitating schools and other educational facilities in Jerusalem, developing rural areas threatened by Israeli settlements and the barrier, and helping poor families develop economically.

The grant will go to the finance ministry, which will be the first time the IDB had agreed to give the money directly to the PA to use it for its projects.

M.A.