Islamic Development Bank and Dubai Cares commit $ 202.5 million in global education partnership
The Islamic Development Bank and Dubai Cares, part of the Mohammed Bin Rashid Al Maktoum Global Initiatives, today pledged $ 202.5 million for GPE’s 2021-2025 “Raise Your Hand” fundraising campaign, the Islamic Development Bank having pledged $ 200 million and Dubai Cares, $ 2.5 million.
The pledges – the first in the Middle East region – use innovative financing approaches to help transform education in low-income countries.
The announcement was made during the Middle East launch of GPE’s Case for Investment, which calls on world leaders to pledge at least $ 5 billion for education in 90 low-income countries and territories. COVID-19 has hit vulnerable children in these countries particularly hard, creating the biggest educational emergency in recent history.
With a commitment of $ 2.5 million, Dubai Cares doubled its previous contributions to GPE in 2014 and 2018. Dubai Cares was the first non-governmental and philanthropic organization to help fund GPE. Now, as the first philanthropic organization to engage in GPE’s current 2021-25 fundraising campaign, Dubai Cares has strengthened its commitment to improving the future of vulnerable children and youth around the world by helping to give them access to quality education.
The Islamic Development Bank has pledged $ 200 million in concessional loans to improve low-income countries’ access to education finance. The contribution represents half of the $ 400 million requested from the Arab Coordination Group, a grouping of Arab financial development institutions.
The Group’s $ 400 million would unlock $ 100 million from GPE Multiplier, an innovative financing tool. Together, the mobilized contributions would bring in a total of half a billion dollars for quality education for children in 37 GPE partner countries that are also members of the Organization of Islamic Cooperation (OIC).
IDB President Dr Bandar Al-Hajjar said:
“The IDB-GPE partnership provides Arab funds in the region with innovative financing opportunities to address the threat COVID-19 poses to national education financing.” financing education – an essential step in achieving Sustainable Development Goal (SDG) 4, on quality education for all. “
Minister Serigne Thiam, Vice-Chairman of the Board of Directors of GPE and Minister of Water and Sanitation of Senegal said:
“With a deep-rooted tradition of generosity, the Gulf countries have played a vital role in supporting education systems in low-income countries. With contributions from donors such as the Islamic Development Bank and Dubai Cares, GPE’s replenishment represents a real opportunity for regional leaders to scale up and transform education for the world’s most vulnerable children. Education is the key to creating a more peaceful, equitable and prosperous world. “
His Excellency Dr Tariq Al Gurg, Managing Director of Dubai Cares and GPE Regional Champion, said:
“Supporting GPE’s efforts in a sustainable way through the continuous renewal of financial resources is a shared responsibility that requires bold vision, close cooperation and lasting commitment. If education does not get the attention it now deserves, an entire generation on this planet could miss their education; therefore lose hope for a better future. We are now at that tipping point. “
The launch event included remarks by high-level dignitaries from the Gulf Cooperation Council (GCC) countries as well as other senior officials representing Arab development funds. The event was part of a three-day visit to the Kingdom of Saudi Arabia by Serigne Mbaye Thiam, GPE Vice President.
GPE’s fundraising campaign comes at a critical time for education around the world. As COVID-19 threatens to reverse hard-won gains for children, governments need urgent support to get the tools, teachers and the means to provide quality education for every girl and boy.
Fully funded, GPE support would:
- Enable 175 million children of primary age to learn,
- Reach 140 million students with professionally trained teachers,
- Get 88 million more children in school, more than half of whom are girls,
- Save $ 16 billion with more efficient spending.
The “Raise Your Hand” campaign will end on July 28-29 in London at a landmark GPE fundraising summit, co-hosted by British Prime Minister Boris Johnson and Kenyan President Uhuru Kenyatta.