First pledges towards GPE’s “Raise Your Hand” financing campaign in the Middle East
JEDDAH, 6 April 2021 – 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.
The pledges – the first from the Middle East region – use innovative financing approaches to help transform education in lower-income countries.
The Islamic Development Bank ("IsDB"), rated Aaa/AAA/AAA by Moody’s, S&P and Fitch (all stable outlook), has successfully priced US$1.5 billion, 5-year Trust Certificates (Sukuk) under its US$25 billion Trust Certificate Issuance Programme. The Sukuk was priced at par at 1.957%, to be payable on semi-annual basis, marking IsDB’s second public issuance in 2019.
H.E. Dr. Bandar Hajjar, President of the Islamic Development Bank (IsDB) Group and Eng. Qaies Ibrahim Julaidan, Chairman of the Board of Trustees of Dar Al Hekma University, signed a Memorandum of Understanding to facilitate cooperation between the two entities in the field of education, academic and vocational training, consulting, and business development programs.
The Islamic Development Bank (IsDB) has applauded the Malaysia based energy company, Serba Dinamik Holdings Berhad (SDHB), for providing US $30 million to implement Technical and Vocational Education Training (TVET) in the energy sector in IsDB member countries through Reverse Linkage mechanism. IsDB President, Dr. Bandar Hajjar welcomed the initiative during the signing of agreement with the CEO of SDHB, Dato Dr. M.A Karim Abdullah in Jeddah.
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