IsDB Group launches new “Transform fund” to address development challenges

TUNIS, A new US$500 million fund called “Transform” to support science, technology and innovation initiatives to meet the challenges of development around the world, was launched Tuesday in Tunis on the occasion of the 2018 annual meetings of the Islamic Development Bank Group, IsDB Group, according to Tunis Afrique Presse, TAP.

Tunisia is hosting the meetings from 1st to 5th April 2018.

IsDB Group President Bandar Hajjar said that the Transform Fund will boost inclusive and sustainable development of countries.

He emphasised the need to provide real financial support to the science and technology sectors, specifying that the fund will ensure that the 57 members of the bank have access to a vital flow of funding to help them finance innovative ideas related to real development solutions.

Scientific Advisor to the IsDB Group President, Hayet Sindi, said that the Transform Fund will work in compliance with the United Nations Sustainable Development Goals.

The fund also provides financing for start-ups and small and medium-sized enterprises, SMEs, to develop their ideas and facilitate the commercialisation of technology for IsDB Member States.

“We need young people with innovative ideas in different sectors, such as energy, water, education, agriculture, infrastructure and health,” she pointed out.

Sindi added that the projects supported by the Transform Fund will greatly benefit local communities in IsDB member countries, as well as Muslim communities in non-member countries.

She indicated that applications for financing are open to all innovators, scientists, SMEs, private companies, NGOs, governments and academic institutions.

Source: Emirates News Agency