Islamic Development Bank launches innovation fund

9 Apr 18

The Islamic Development Bank has launched a $500m innovation fund to fuel economic growth in developing nations.

Its Transform Fund will work in line with UN’s sustainable development goals on food security, healthier lives, inclusive and equitable education, sustainable management of water and sanitation, access to affordable and clean energy, and sustainable industrialisation.

One focus will be provisions of seed funding for start-ups and smaller businesses to develop and commercialise technology.

Bandar Hajjar, the bank’s president, said: “The Islamic Development Bank understands that people living in the developing world need more than just grant funding. They need sustainable solutions to them build their own way out of poverty. At the same time, we do need to offer access to the resources they need to realise 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.”

Trustees for the Transform Fund will include Turkey’s deputy prime minister Mehmet Simsek, Helle Thorning-Schmidt, chief executive of Save the Children International and film director Richard Curtis, creator of , which promotes knowledge of the sustainable development goals.

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