The Global Partnership for Education, Islamic Development Bank Celebrate Innovative Financing

…Additional $350 million pledged to end the education crisis

Ugo Aliogo in Riyadh, Saudi Arabia

At its 2024 Annual Meetings and Golden Jubilee Celebration, the Islamic Development Bank (IsDB), the Arab Coordination Group (ACG) and the Saudi Fund for Development (SFD), joined the Global Partnership for Education (GPE) in celebrating the success of SmartEd, an innovative financing instrument that has mobilized $500 million for education initiatives.

In a statement, it was noted that building on this success, the partners pledged an additional $350 million towards SmartEd: $150 million from the IsDB $100 million from BADEA, $50 million from the Islamic Solidarity Fund for Development and $50 million from GPE.

IsDB Group Chairman, Dr. Muhammad Sulaiman Al Jasser, said: “As we reflect on our significant impact and growth over the past five decades, we are thrilled by how innovative financing has enhanced our efforts in children’s education. “The success of SmartEd will drive our efforts forward, strengthening partnerships that enable us to offer greater access to quality education and essential skills for a future-ready generation.”

The statement said due to the dwindling education funding in lower-income countries, exacerbated by debt burdens, ongoing crises, and the residual effects of COVID-19, millions of children remain deprived of the opportunity to learn skills vital for future employment.

The statement noted that through SmartEd, the GPE, IsDB, and the ACG have mobilized significant resources otherwise unavailable for education.

The Chief Executive Officer of GPE, Laura Frigenti, noted that: “Globally, a staggering 250 million children are not attending school, representing a severe crisis compounded by limited resources. Amid these challenges, SmartEd offers a ray of hope and a reason to celebrate. We are eager to work with our Gulf partners to expand on its success, preparing more children for a prosperous future.”

The statement remarked that introduced in 2021, SmartEd utilizes the GPE Multiplier, a tool that enhances education financing by securing $4 from other donors for every $1 provided by GPE, helping lower-income countries address critical education challenges.

The statement added that SmartEd aims to boost access to quality education in 37 member countries of the Organization of Islamic Cooperation, which includes 28 million out-of-school children.
The statement averred that to date, SmartEd has allocated $350 million to projects in Cameroon, the Kyrgyz Republic, and Uzbekistan.

According to the statement, “The programme is already making a significant difference. For instance, in 2023, Uzbekistan leveraged $160 million in co-financing through SmartEd to secure a $40 million GPE Multiplier grant. This funding encouraged the Government of Uzbekistan to contribute an additional $20 million, culminating in a $220 million financial package aimed at improving equitable access to quality education and enhancing the efficiency of the education system. In Uzbekistan, SmartEd funds are also being used to construct and equip over 80 schools and to improve education management information systems for better data-driven decision-making.”