RewirEd Summit: Islamic Development Bank, GPE, and ACG Launch US$ 500 Million SmartEd Facility

Jeddah, Kingdom of Saudi Arabia, 14 December 2021 – Islamic Development Bank (IsDB)’s Ag. Chief Products & Partnerships Officer, Mr. Amer Bukvic, co-chaired with the Chair of the Board of Directors of Global Partnership for Education (GPE), former President of Tanzania, H.E. Jakaya Kikwete, the historic launching of the ACG Smart Financing for Education (ACG SmartEd) at the RewirEd Summit hosted by Dubai Cares in Dubai, UAE.  

The SmartEd is a US$500 million financing facility for education that brings together US$ 100 million in grant finance mobilized by the GPE with US$ 400 million in matching concessional financing from members of the Arab Coordination Group (ACG) for education projects in common member countries over the course of 2022-2025.  These resources will enable millions of boys and girls access quality education and harness their potentials.

In his statement, on behalf of the IsDB President, H.E. Dr. Mohammad Al Jasser, the Ag. CPO Mr. Amer Bukvic stated: “In our efforts to rebuild better and more resilient education systems, developing countries need to be supported with affordable financing to complement domestic resources. Through this ACG SmartEd facility, we, at IsDB together with our Arab development partners are demonstrating our commitment to furthering development through an enhanced engagement in education financing with the global community”.

In his statement, H.E. President Jakaya Kikwete, GPE Board Chair, stated: “The funding generated through this SmartEd facility will help governments tackle the learning crises at their doorstep, mobilizing additional funding on better terms, and making sure these resources are invested in effective, sustainable education programs; we need more and better funding for education through innovative mechanisms, increased domestic financing and international donor support.”  

Commenting on the potential of the IsDB partnership with the GPE, IsDB’s Acting Director for Economic and Social Infrastructure, Mr. Idrissa Dia underscored the strategic focus of the IsDB Education Sector Strategy of optimizing education financing and on leveraging both funding and expertise to enhance the transformation of education systems in Member Countries and shift from schooling to learning.

Through this ACG SmartEd facility, the IsDB and its Arab development partners are stepping up to demonstrate commitment to furthering development through an enhanced engagement in education financing with the global community. The event was attended by IsDB Governors & Ministers of Finance from The Gambia and Tajikistan, H.E. Mr. Mamburay Njie and H.E. Mr. Faiziddin Qahorzoda of The Gambia and Tajikistan respectively, together with Ministers of Education from Tajikistan and Somalia. The ACG Institutions were represented by the Abu Dhabi Fund for Development, Kuwait Fund for Development and the Saudi Fund for Development while other joined virtually.