The Islamic Development Bank (IsDB), one of the world’s leading multilateral development financing institutions located in Jeddah, Saudi Arabia – launched a 500 million dollar fund to promote science technology and innovation to tackle the most pressing development challenges around the world.
The Transform Fund, launched last month in Tunisia aims to foster sustainable solutions through funding innovation and entrepreneurship in developing Muslim countries. Its mission is in alignment with UN’s Sustainable Development Goals that also aim to make provision for greater food security, healthy lifestyle, inclusive and equitable education, sustainable management of water and sanitation, access to affordable and clean energy, and sustainable industrialization across the developing world.
The fund was launched at the IsDB group’s Annual General Meeting in Tunisia. Speaking at the event H.E. Dr. Bandar Hajjar, President of the Islamic Development Bank said: “The Islamic Development Bank understands that people living in the developing world need more than just grant funding. They need sustainable solutions to help them build their own way out of poverty. At the same time, we do need to offer access to the resources they need to realize their goals and change the world. That is why we have launched Transform. We know that real financial support in the science and technology sectors is needed in order to drive inclusive and sustainable development. Transform will ensure our members have access to a vital flow of financing facilities to help finance innovative ideas linked to real development solutions.”
In addition the IsDB has also established two high level boards that constitute the world’s leading scientists, thinkers and policy makers who will provide counsel and expertise to ensure the fund is able to achieve its ultimate development objective.
The IsDB Scientific Advisory Board includes ten leading scientists including Prof. Zakri Abdul Hamid, Science Advisor to the Prime Minister of Malaysia and Abdallah Daar, Professor of Public Health Sciences and of Surgery, University of Toronto. They will provide guidance in setting the Bank’s Science, Technology and Innovation strategy and will review applications for funding.
Moreover a Board of Trustees that constitutes dignitaries like Dr. Bandar Hajjar, President of the Islamic Development Bank Group and Mr. Mehmet Simsek, Deputy Prime Minister of Turkey among others has been set up to ensure that the fund works to accelerate economic and social progress in the developing world through the power of science, technology and innovation.
The launch event featured a host of prominent leaders including Dr. Hayat Sindi, Scientific Advisor to the IsDB and member of the UN Scientific Advisory Board. He said: “The projects supported by the Transform Fund will greatly benefit local communities in our member countries, as well as Muslim communities in non-member countries. We know that science and technology are critical enablers of every Sustainable Development Goal, which is why we are focusing so much of our attention on innovative partnerships built around science and tech-led solutions. Through Engage and the Transform Fund, we look to foster collaboration from all around the world to help ensure that everyone has the right to live in dignity and with access to basic human needs.”
Applicants who are interested in securing seed money for their startups or SMEs are invited to submit their business proposals by July 31, 2018.
References:
https://aa.com.tr/en/economy/islamic-bank-idb-officially-launches-500m-science-fund/1107046
https://www.isdb-engage.org/en/challenge/call-for-innovation-via-transform-fund
