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09:45, 18 July 2018 Wednesday
Update: 16:51, 03 April 2018 Tuesday

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Islamic bank IDB officially launches $500M science fund
Islamic bank IDB officially launches $500M science fund

Fund to support scientists in finding solutions to challenges in Muslim World, Islamic Development Bank says in Tunis

World Bulletin / News Desk

The Islamic Development Bank (IDB) on Tuesday officially launched a $500 million fund to strengthen science, technology and innovation in the Muslim World.

The launch of the fund, which would support scientists in 57 IDB member countries, was made at the IDB's 43rd Annual Meeting in capital Tunis.

The fund had been announced for the first time in Kazakhstan in September 2017, by the IDB President, Dr. Bandar Hajjar.

Hajjar said the fund had great potential to create an innovation ecosystem in developing countries.

"It is not only about sharing ideas, it is also about funding," he added.

He said 57 IDB member countries face challenges in development and many of them could not solve their problems on their own.

The IDB wants to bring together developers to share value and build capacity among member countries, he said.

He said science, technology, innovation and entrepreneurship were needed in an enabling environment.

"The IDB wants to be a catalyst so that people can lead the process of development," he added.



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