DEAD SEA (JT) - His Majesty King Abdullah on Friday underscored the importance of a trust fund for the education of orphans in Gaza established through a $10 million donation from the Dubai-based private equity group Abraaj Capital.

The fund was launched on the sidelines of the World Economic Forum (WEF), which opened yesterday, the Jordan News Agency, Petra, reported.

Her Majesty Queen Rania and WEF Founder and Executive Chairman Professor Klaus Schwab also attended the signing of a memorandum of understanding between Abraaj Capital and the Palestinian Welfare Association for setting up the fund.

“We stand by such outstanding efforts,” the King said, expressing hope that the initiative would benefit a larger segment of Gazans living under difficult conditions.

The fund will finance the education of more than 1,200 orphaned Palestinian children and young people who lost their parents during the recent Israeli attack on Gaza, according to a WEF statement.

A total of 1,440 people were killed in the attacks, 431 of them children, while another 1,855 children were injured, according to UNICEF.

Abraaj and the Welfare Association, known by its Arabic name Taawoun, have identified 1,257 Gazans, ranging from infants to young adults, who either lost their parents or the primary income earner in the family during 22-day Israeli onslaught.

Most of these orphans now live with extended family, while 120 live in orphanages in Gaza, the statement said.

Abraaj Capital CEO and founder Arif Naqvi said the fund will assist Gaza’s children get an education and help them have better lives.

“After the tragic events in December and January, we are now focusing all this year’s philanthropic resources on ensuring education for the children in Gaza whose futures would otherwise be in question,” he added.

Praising the initiative, Schwab, said: “We believe such public-private partnerships are key to driving development and addressing key societal challenges.”

Chairman of the Welfare Association Nabil Qaddumi also commended Abraaj for its “strong interest in returning humanity to the lives of Gaza children”.

“This money will go a long way in helping these children learn and equip themselves for better lives.”

Established in 1983 as a Palestinian nonprofit development foundation, the Welfare Association will manage the disbursement of the fund.