The Islamic Development Bank (IDB), based in Riyadh, plans to launch a $1.4 billion Poverty Reduction Fund, a report said.

The fund will target 20 Muslim nations, the bank’s president Ahmad Mohamed Ali was quoted as saying by a Zawya Dow Jones report.

The IDB’s board of governors will gather in Senegal’s capital Dakar on Tuesday to review the fund’s policy, before announcing its official establishment at a special meeting to be chaired by the Senegalese President, Abdoulaye Wade, the report said.

According to Mohamed Ali, the fund has attracted participation from over 20 states including $1 billion from Saudi Arabia, $300 million from Kuwait and $100 million from Iran, with further donations to be announced in Dakar.

The fund is targeting donations totalling $10 billion, Mohamed Ali said.