{"id":11295,"date":"2021-04-06T18:03:49","date_gmt":"2021-04-06T14:03:49","guid":{"rendered":"https:\/\/pressreleasenetwork.com\/site\/?p=11295"},"modified":"2021-04-06T18:03:56","modified_gmt":"2021-04-06T14:03:56","slug":"the-islamic-development-bank-and-dubai-cares-commit-202-5-mil-to-global-partnership-for-education","status":"publish","type":"post","link":"https:\/\/pressreleasenetwork.com\/site\/2021\/04\/06\/the-islamic-development-bank-and-dubai-cares-commit-202-5-mil-to-global-partnership-for-education\/","title":{"rendered":"The Islamic Development Bank And Dubai Cares Commit $202.5 Mil To Global Partnership For Education"},"content":{"rendered":"\n

The Islamic Development Bank and Dubai Cares, part of Mohammed Bin Rashid Al Maktoum Global Initiatives, today committed $202.5 million towards GPE’s 2021-2025 “Raise Your Hand” financing campaign, with the Islamic Development Bank pledging $200 million and Dubai Cares contributing $2.5 million.<\/p>\n\n\n\n

The pledges \u2013 the first from the Middle East region \u2013 use innovative financing approaches to help transform education in lower-income countries.<\/p>\n\n\n\n

The announcement was made at the Middle East launch of GPE’s Case for Investment, which calls on global leaders to pledge at least $5 billion towards education in 90 lower-income countries and territories. COVID-19 has hit vulnerable children in these countries especially hard, creating the biggest education emergency in recent history.<\/p>\n\n\n\n

With a $2.5 million pledge, Dubai Cares has doubled its previous contributions to GPE in 2014 and 2018. Dubai Cares was the first non-government and philanthropic organization to ever contribute funding to GPE. Now, as the first philanthropic organization to pledge to GPE’s current 2021-25 financing campaign, Dubai Cares has reinforced its commitment to improving the future of vulnerable children and youth around the world by helping to provide access to quality education.<\/p>\n\n\n\n

The Islamic Development Bank has pledged $200 million in concessional loans to boost lower-income country access to finance for education. The contribution represents half of the total $400 million sought from the Arab Coordination Group, a grouping of Arab Financial Development institutions.<\/p>\n\n\n\n

The full $400 million from the Group would unlock $100 million from the GPE Multiplier, an innovative financing tool. Together, the leveraged contributions would yield a total of half a billion dollars towards quality education for children in 37 GPE partner countries which are also members of the Organization of Islamic Cooperation (OIC).<\/p>\n\n\n\n

IsDB President, Dr. Bandar Al-Hajjar, stated:<\/p>\n\n\n\n

“The partnership between IsDB and GPE provides innovative financing opportunities for the Arab funds in the region to respond to the threat that COVID-19 poses to domestic financing for education. The proposed Arab Coordination Group – GPE blended financing mechanism will create much-needed concessional funding for education \u2013 an essential step to achieving Sustainable Development Goal (SDG) 4, on quality education for all.”<\/em><\/p>\n\n\n\n

Minister Serigne Thiam, GPE Board Vice-Chair and Minister of Water and Sanitation of Senegal said:<\/p>\n\n\n\n

“With a deeply rooted tradition of generosity, Gulf countries have played a vital role in supporting education systems in lower-income countries. With contributions from donors like the Islamic Development Bank and Dubai Cares, GPE’s replenishment represents a real opportunity for regional leaders to step up and transform education for the world’s most vulnerable children. Education is the key to creating a more peaceful, equitable and prosperous world<\/em>.”<\/em><\/p>\n\n\n\n

His Excellency Dr. Tariq Al Gurg, Chief Executive Officer at Dubai Cares and GPE Regional Champion said:<\/p>\n\n\n\n

“Supporting GPE’s efforts in a sustainable way through the continuous renewal of financial resources is a shared responsibility that requires a bold vision, close cooperation and enduring commitment. If education isn’t given the attention it deserves now, an entire generation on this planet could miss out on their education; hence lose hope for a brighter future. We are now at this tipping point.”<\/em><\/p>\n\n\n\n

The launch event featured remarks by high-level dignitaries from Gulf Cooperation Council (GCC) countries along with other senior officials representing Arab development funds. The event was part of a three-day visit to the Kingdom of Saudi Arabia by Serigne Mbaye Thiam, GPE Vice-Chair.<\/p>\n\n\n\n

GPE’s financing campaign comes at a critical time for education worldwide. As COVID-19 threatens to reverse hard-won gains for children, governments need urgent support to secure the tools, teachers, and means to deliver quality education for every girl and boy.<\/p>\n\n\n\n

Fully funded, GPE’s support would:<\/p>\n\n\n\n