The Islamic Development Bank Launches $500m Innovation Fund to Fuel Economic Growth in Developing World

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The Transform Fund will work in line with UN's Sustainable Development Goals. Innovators, scientists, businesses, NGOs, Governments and academic institutions are eligible to apply. Transform will run in tandem with IsDB's new online hub, ENGAGE - designed to connect innovators in developing communities with market opportunities and funding. 

Speaking at the fund launch during IsDB group's Annual General Meeting in Tunisia, H.E. Dr. Bandar Hajjar, President of the Islamic Development Bank said:

"The IsDB 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. Transform will ensure our members have access to a vital flow of facilities to help finance innovative ideas linked to real development solutions."

The launch was led by Dr. Hayat Sindi, Chief Scientific Advisor to the IsDB. She said: "We want to drive real change for millions of people by giving every scientist and innovator the opportunity to make a difference. The projects supported by Transform will greatly benefit local communities in our member countries, as well as Muslim communities in non-member countries."

The IsDB also announced the establishment of two high-level boards. The IsDB Scientific Advisory Board, comprises ten of the world's leading scientists, including: Her Excellency Ms. Grace Naledi Mandisa Pandor, Minister of Higher Education and Training for South Africa; and Prof. Zakri Abdul Hamid, Science Advisor to the Prime Minister of Malaysia. They will provide guidance in setting the Bank's strategy, and helping review applications for funding.

Additionally, a Board of Trustees for the Transform Fund will provide expertise to ensure the fund is able to achieve its goal of driving progress through science, technology and innovation.

This will include: Mehmet Simsek Deputy PM of Turkey; Helle Thorning-Schmidt, CEO Save the Children International; and Richard Curtis, Creator of Project Everyone, Film Writer and Director.

To find out more information on Board Members or submit applications, visit http://www.isdb-engage.org or email [email protected].

Notes to Editors 

Applications for financing can be submitted via the website here: http://www.isdb-engage.org. Images from the Transform Launch can be downloaded here: https://we.tl/Zc6oLvfw6x.

SOURCE Islamic Development Bank