New York, United States 23 September 2026 – The Islamic Development Bank (IsDB), together with the Arab Coordination Group (ACG), announced major new commitments to the second phase of the SmartEd Initiative during the Global Partnership for Education (GPE) replenishment conference held on the margins of the 81st Session of the United Nations General Assembly. 

The commitments pave the way for a US$1 billion financing package for education, combining US$800 million in concessional financing from Arab Coordination Group (ACG) partners with US$200 million in grant resources from GPE to be mobilized through its replenishment campaign. 

The announcement was made during the “Multiply Possibility High Level Event: A New Era for Education Financing,” held in the ECOSOC Chamber at United Nations Headquarters. The event brought together heads of state and government, ministers, leaders of international organizations, civil society, philanthropy and the private sector to announce new investments in GPE, domestic financing and co-financing commitments aimed at transforming education for 750 million children. 

Ahead of the announcement, a recorded video message from H.E. Dr. Muhammad Al Jasser, Chairman of the Islamic Development Bank Group, was presented. In his message, he stated: ““Education is the foundation of human development and shared prosperity, yet millions of children across the global south are still denied the opportunity to learn due to widening education financing gap. Closing these gaps demands stronger international solidarity, innovative financing and collective action. The Islamic Development Bank supports the Global Partnership for Education’s replenishment campaign to help 750 million children access quality education and break intergenerational cycles of poverty, fragility and inequality. Investing in education means investing in resilience and economic transformation. The Islamic Development Bank is committed to mobilize more and better financing for our partner countries facing the greatest constraints, ensuring resources translate into stronger systems and better learning outcomes.  We stand ready to work with governments, development partners, and the GPE community to accelerate progress towards SDG4. Together, let us close the education financing gap. Let us invest in every child’s right to learn, and build a more resilient, inclusive and prosperous future for all.” 

Alongside IsDB’s commitment of US$400 million, OPEC Fund for International Development has pledged a further US$400 million. Other ACG institutions reaffirmed their support for the initiative. The President of the OPEC Fund, H.E. Dr. Abdulhamid Alkhalifa, communicated the collective US$800 million pledge from participating ACG institutions during the high-level event.  

"“This announcement reaffirms our commitment to expanding access to quality education and reflects our conviction that investing in education is investing in peace, prosperity and opportunity for all," ,” Dr. Alkhalifa said. 

The announcement builds on the achievements of SmartEd Phase I, launched in 2021 as a joint initiative of GPE and the ACG with IsDB playing a coordinating role. Phase I began with an initial financing ambition of US$500 million, US$100 million from GPE alongside US$400 million in ACG financing. 

That initial ambition has been fully translated into country operations. Approved SmartEd Phase I investments in Chad, Cameroon, the Kyrgyz Republic and Uzbekistan now total approximately US$522.5 million, including the full US$100 million originally pledged by GPE and more than US$420 million mobilized from Arab Coordination Group partners. 

SmartEd Phase II will carry this approach forward at twice the initial financing scale. Rather than creating a separate financing model, the new phase will build on the institutional arrangements, country experience and partnerships established under Phase I and extend the platform to additional eligible countries seeking to accelerate education transformation. 

About the Islamic Development Bank 

The Islamic Development Bank is a multilateral development bank working to promote comprehensive human development and sustainable economic and social progress in its member countries and Muslim communities worldwide. The Bank works with governments and development partners to mobilize financing, knowledge and partnerships in support of national development priorities.