How The Islamic Development Bank $500m Transform Initiative Will Affect Africa

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Monday February  03, 2020  / 7.00PM / Bukola Akinyele  for WebTV  / Header Image Credit: isbd.org

 

Africa's opportunity to achieve development and inclusive economic growth will come through innovation, science and technology.

 

The Islamic Development Bank has identified this as the reality for the continent that has huge promises of emerging the last frontier for economic transformation.

 

The perspective informs the launch of a $500m "Transform" initiative in 2018 supporting developing countries and regions like Africa to achieve their 2030 sustainable development goals aspirations through investments in innovative solutions for the region.

 

According to the ISDB, the era of the fourth industrial revolution (4IR) has provided access to real-time solutions to real global challenges, based on empirical data.

 

The ISDB recognizes that young Africans are migrating towards modern technology, connectivity and entrepreneurial opportunities.

 

It recognized innovative ideas that are already springing from the continent like the Tatu City, Kenya, Vision City, Rwanda and Diamnaiadio, Senegal.


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ISDB is also keen on driving sustainability, which is vital for Africa as it seeks to achieve its SDGs. The sustainability initiative covers waste management to the campaign for a clean environment in the continent.


The Transform Fund provides seed money for start-ups and SMEs to develop their ideas and facilitate the commercialization of technology among the IsDB's member countries, many of which are developing nations. Innovators, scientists, SMEs, private companies, NGOs, Governments and academic institutions are all eligible to apply for funding from Transform via its website. 


As the President of ISDB Dr. Banda Hajjar visits Nigeria this year, expectations are that the fiscal authorities will discuss how to access the "Transform" initiative fund to deepen socio-economic development in the country.


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