The Organization of Islamic Cooperation summit in Cairo this week will recommend its members donate to a financial "safety net" for Palestine, according to a draft statement ahead of the conference.

At a preparatory meeting of senior officials on Sunday, a statement was prepared calling on Islamic nations to donate to Palestine under the OIC banner.

The funds will go towards Palestine's strategic plan to develop the city of Jerusalem, which was approved by the group in August 2012, according to the statement published on PA news site Wafa.

The Islamic Summit, which will be held on Feb. 6-7 in Cairo, is also set to hold a session on Israeli settlement activities in Palestine.

Last year, the Arab League last year pledged its own "safety net" to cover around $100 million in monthly expenses of the PA, when Israel seized tax revenues in the aftermath of the UN vote for Palestinian statehood.