IsDB, Arab Coordination Group, SFD Join Global Partnership To Raise $500 Million For Education Initiatives

The Islamic Development Bank (IsDB), the Arab Coordination Group, and the Saudi Fund for Development (SFD) have joined the Global Partnership for Education to celebrate the success of the Smart Education Financing Initiative, an innovative financing tool, in raising $500 million for education initiatives

Riyadh, (APP - UrduPoint / Pakistan Point News - 29th Apr, 2024) The Islamic Development Bank (IsDB), the Arab Coordination Group, and the Saudi Fund for Development (SFD) have joined the Global Partnership for Education to celebrate the success of the Smart Education Financing Initiative, an innovative financing tool, in raising $500 million for education initiatives.

The event took place during the 2024 IsDB Group annual meeting and celebrations of its golden jubilee held in Riyadh.

The partners pledged an additional $350 million for the initiative, with contributions including $150 million from the IsDB, $100 million from the Arab Bank for Economic Development in Africa, $50 million from the Islamic Solidarity Fund for Development, and $50 million from the Global Partnership for Education.

IsDB Group President Dr. Mohammed Al-Jasser stated that the success of the Smart Education Financing Initiative will propel efforts forward and enhance partnerships that facilitate access to quality education and essential skills on a broader scale, ensuring a generation well-prepared for the future.