Saudi Press

Saudi Arabia and the world
Monday, May 27, 2024

$280m allocated in innovative financing for education

$280m allocated in innovative financing for education

The Islamic Development Bank and the Global Partnership for Education recently announced the first allocation of $280 million in innovative financing for education, through the Arab Coordination Group’s Smart Education Financing Initiative, to Cameroon, the Kyrgyz Republic and Uzbekistan.
The partnership was announced on the final day of the IsDB’s annual meetings in Jeddah. The beneficiary countries will be the first to access funding under the initiative, to support effective and sustainable programs that will provide education to millions of children.

Mohammed Al-Jasser, the IsDB president and group chairman, said: “In our efforts to build better and more resilient education systems, countries like Cameroon, the Kyrgyz Republic, and Uzbekistan must be supported with financial tools to complement domestic resources. Through this initiative, the IsDB, GPE, and our Arab development partners are stepping up our commitment to expand available funding for education.”

GPE CEO Laura Frigenti told Arab News in an exclusive interview that the education sector had made significant progress in the two decades pre-COVID-19. Unfortunately, that progress has been reversed by the pandemic, which has kept schools closed in many GPE partner countries for over two years, which has generated a “loss” in terms of “learning and learning outcomes.”

Frigenti said: “We are working very hard with our partner countries — we work in 90 countries in the world, all low-income and middle-income countries — to make sure that this trend is reversed.

“One of the problems that affect(s) the education sector is the fact that it is a very expensive sector, and it takes a long time to generate results. Unfortunately, at the moment it is really not fully funded, so there is a need for innovation beyond the traditional official flows of funds.”

She added: “This mechanism that we put in place matches grants from our resources, with some soft loans coming from, for example, the Saudi development funds or the United Arab funds. To make sure (of) that we put together financing packages that leverage financial resources that wouldn’t necessarily go to education with a ratio of four to one. So, with very strong grant elements … (that) really multiplies the level of resources that are accessible for countries.”

Developed in December 2021 by GPE and the ACG, a grouping of Arab financial development institutions, the Smart Education Financing Initiative has generated $500 million to support education in lower-income countries.

ACG is providing $400 million alongside $100 million from the GPE Multiplier, an innovative financing tool that attracts investments from other donors. Funds under the initiative are accessible to 37 countries that are members of the Organisation of Islamic Cooperation, which are collectively home to nearly 28 million out-of-school children.

GPE is a shared commitment to end the world’s learning crisis, through mobilizing partners and funds to support nearly 90 lower-income countries to transform their education systems so that every child can get the quality education they need to unlock their full potential.

Related Articles

Saudi Press
US and UK to Reject ICJ Ruling on Israel's Rafah Offensive
World Court Orders Immediate Halt to Israeli Offensive in Gaza
Global Life Expectancy Dropped By 2 Years Due To COVID-19
US Refuses World Court Jurisdiction
Norway, Ireland, and Spain Recognize Palestinian State
Iran President Ebrahim Raisi's Death Alters Succession Dynamics
ICC Seeks Arrest Warrants for Israeli and Hamas Leaders
Death of Iran's President Raisi Stirs Succession Race for Supreme Leader
Saudi Arabia's Flourishing Venture Capital Sector Attracts International Investments
Saudi Aviation Sector Boosts Economy with $21 Billion Contribution
Blinken orders crackdown on Israel-Hamas leaks
Future Aviation Forum 2024 to Propel Saudi Arabia’s Vision 2030
What Happens If an Iranian President Dies in Office?
Iranian President Ebrahim Raisi Reportedly Killed in Helicopter Crash
Saudi Arabia Advances Procurement and Supply Chain Innovation
Saudi Arabia’s Holdings in US Treasuries Rise to $135.9 Billion
Saudi Arabia Emerges as a Hub for Sustainable Technology Manufacturing
UN General Assembly Approves Palestinian Membership Bid
Teens Forming Friendships with AI Chatbots
WhatsApp Rolls Out Major Redesign
Neuralink's First Brain Implant Experiences Issue
Apple Unveils New iPad Pro with M4 Chip, Misleading AI Claims
OpenAI to Announce Google Search Competitor
Apple Apologizes for Controversial iPad Pro Ad Featuring Instrument Destruction
FedEx Airlines Boeing 767 cargo plane lands on nose at Istanbul Airport
Apple Faces Significant Sales Decline Amid AI Integration Delay
Netanyahu's Firm Stance Amid Rafah Hostage Talks
BlackRock to Establish Saudi Investment Firm
Dubai's New Al Maktoum International Airport: World's Largest with ₹2900 Crores Investment, 5 Runways, and 260 Million Annual Capacity
New UK Laws: Banning Weak Passwords for Internet-Connected Devices to Enhance Cybersecurity
Blinken on Gaza: Ceasefire is Key to Humanitarian Crisis Resolution
UAE Prime Minister Announces $544M for Home Repairs after Historic Rains, Vows to Learn from Experience
Germany Sends New Frigate to Red Sea to Protect Ships Amid Houthi Attacks
Isfahan Explosions: US Media Reports Israel's Retaliatory Strikes on Iran
Four Dead, Dubai Airport Disrupted: UAE's Heaviest Rains in 75 Years Cause Flooding and Flight Chaos
Dubai's Historic Flooding: Homes Ruined, Airport Disrupted Due to Lack of Storm Drains
Meteorologist Warns of 'Weather Wars' Amid Debate over Dubai Rain and Cloud Seeding
Saudi Arabia Leads in Artificial Intelligence Development: Ranked First by Stanford University Index
Dubai's Airport and Roads Disrupted for Third Day Amid Heavy Rain and Flooding: 1,285 Flights Cancelled or Diverted
Doha Hamad Overtakes Singapore Changi as World's Best Airport in Skytrax Awards 2024
Dubai Airports: Stranded Tourists 'Living on Duty Free,' Desperate for Food and Water
Turkish President Erdogan to Host Hamas Leader Haniyeh Amidst Israel Tensions
Creative menu of a Pizza restaurant..
Heavy Rains Cause Flooding in UAE and Oman: 18 Lives Lost
Look at this weather in Dubai. It looks like the end of days
You can be a very successful player, but a player with character is another level!
Come to Dubai, ya Habibi
Stay safe, ya Habibi
Dubai underwater, Influencers are stranded in their Rolls Royces in flooded roads as skies turn black in apocalyptic scenes as storm hits region.