Investment in Education Initiatives Across OIC Member Countries
In a groundbreaking move, a global partnership led by the Islamic Development Bank is set to inject $500 million into educational initiatives across member countries of the Organization of the Islamic Cooperation. This initiative aims to enhance access to quality education in 37 OIC member countries, where 28 million children are currently without schooling.
Partnership and Funding Commitments
During the annual meetings and golden jubilee celebrations of the IsDB, the Arab Coordination Group and the Saudi Fund for Development also joined The Global Partnership for Education, a multi-stakeholder partnership and funding platform that aims to strengthen education systems in developing countries. Partners have pledged an additional $350 million to the initiative, with contributions from various organizations including the IsDB, the Arab Bank for Economic Development in Africa, The Islamic Solidarity Fund for Development, and the Global Partnership for Education.
Financial Agreements and Sustainable Development
At the event, the Islamic Corporation for the Insurance of Investment and Export Credit signed a retakaful agreement to support Indonesia’s Eximbank. This agreement aims to provide strategic expertise and capabilities in the field of Islamic reinsurance, specifically designed to support the launch of the financial institution’s new export credit takaful program product. The business expected to be insured under this treaty is estimated at a value of $13 million by the year 2024.
During the IsDB annual meetings, the bank’s president, Mohammed Sulaiman Al-Jasser, highlighted the institution’s commitment to eco-conscious growth and low carbon reduction. He emphasized the bank’s focus on renewable energy projects, green initiatives, and financing climate action to support members in reaching zero-carbon goals. The IsDB’s 2024 annual meetings are being held under the patronage of King Salman bin Abdulaziz in Riyadh from April 27 – 30, coinciding with the institution’s golden jubilee celebrations.