Islamic Development Bank launches technology fund with a capital of 500 million dollars

Islamic Development Bank launched an innovation technology fund to serve as a platform for technological development and the promotion of scientific innovation among member countries of the Bank Group. The Banks strategy is to achieve a positive impact economic development and to promote joint activities in key sectors, such as health, agriculture, water and education.

Dr. Bandar Hajjar, Chairman of the Islamic Development Bank Group, said that Islamic countries face many challenges that can be solved through technology. The Bank is keen to establish a technology support fund to enable member states to enhance and support their information technology capabilities.

“The new fund aims to find scientific and technological solutions to our problems, especially in the areas of health and education,” said Dr Hayat Sindi, Advisor to the President of the Bank for Science, Technology and Innovation. He further explained that the fund will act as a smart platform for science and technology to support and innovate ideas and turning them into real products, capable of creating smart solutions.

In a related context, the amount of funding provided by the Islamic Development Bank for investment and development projects in Turkey, since its establishment in 1973 was about $ 11.2 billion. The Bank President said that the total funding provided by the Bank in Turkey is distributed in approximately 483 projects.

In a statement to the Anatolian News Agency, Hajjar said that the Islamic Bank has benefited in particular from the opportunities available in the field of science and technology during the past year to launch various innovative projects that will promote development in Islamic countries.

He said the bank, which is a major contributor of finance in Islamic countries, is seeking to increase its development role by providing more sustainable projects. The Bank focuses on managing its activities through its regional branches in member countries, rather than managing them from its headquarters: “We are dealing comprehensively with the development programs in the member countries of the bank, which cannot face any of the difficulties in the field of development alone.”