The Islamic Development Bank (IsDB) has announced the launch of a $500M fund supporting science, technology and innovation initiatives to tackle development challenges around the developing world.
The Transform Fund will provide seed money for start-ups and SMEs to develop their ideas and facilitate the commercialization of technology among the IsDB’s 57-member countries, many of which are developing nations.
Innovators, scientists, SMEs private companies, NGOs, Governments and academic institutions are all eligible to apply for funding from Transform via its website, the IsDB said during the launch event for the fund at its ongoing 43rd Annual General Meeting in Tunisia.
Speaking at the event, IsDB President, Dr. Bandar Hajjar 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.”
The fund launch was led by Dr. Hayat Sindi, Scientific Advisor to the IsDB and member of the UN Scientific Advisory Board. Other members of the board are: Ms. Grace Naledi Mandisa Pandor, Minister of Higher Education and Training for South Africa; Prof. Zakri Abdul Hamid, Science Advisor to the Prime Minister of Malaysia; Prof. Abdallah Daar, Professor of Public Health Sciences and of Surgery, University of Toronto; Prof. Mohamed Hassan, Co-Chair of the InterAcademy Partnership; Dr. Myrna Cunningham, President of the Centre for the Autonomy and Development of Indigenous Peoples (CADPI); Prof. Elfatih Eltahir, Professor of Civil and Environmental Engineering, MIT; Dr. Firdausi Qadri, Director of the Centre for Vaccine Sciences; Prof. Ismail Serageldin, Founding Director Emeritus, Library of Alexandria; and Rahma Bourquia, Director of the National Authority for Evaluation.
Meanwhile, a new Board of Trustees for the Transform Fund to be chaired by IsDB President Dr Bandar Hajjar has also been announced.
Other members of the board, which will provide counsel and expertise to ensure the fund achieves its goal, include Mr. Mehmet Simsek, Deputy Prime Minister of Turkey; Muhammadu Sanusi II, Emir of Kano, former Governor of the Central Bank of Nigeria; and Dr Nouria Benghabrit-Remaoun, Minister of National Education, Algeria.
The rest are Mrs. Helle Thorning-Schmidt, CEO of Save the Children International and former Prime Minister of Denmark; Dr. Waleed Abdulmohsen Al-Wohaib, Director General, Islamic Solidarity Fund for Development; Mr. Richard Curtis, Creator of Project Everyone, and world-renowned Film writer and Director; and Mr. Matthew Freud, Founder and Chairman of global communications firm Freuds.
