Home Economy Islamic Development Bank to Launch Multimillion Dollar Fund in Rabat

Islamic Development Bank to Launch Multimillion Dollar Fund in Rabat

Dr Hayat Sindi, the Chief Scientific Advisor to the President of the Islamic Development Bank (IsDB)
Dr Hayat Sindi, the Chief Scientific Advisor to the President of the Islamic Development Bank (IsDB)

By Amaan Afzal

Rabat – On the 4th of February, Rabat will be the host city for a workshop introducing a multimillion-dollar fund from the Islamic Development Bank called Transform to Morocco, intended to stimulate growth in science, technology and innovation – scheduled to launch next month with an “esteemed advisory panel.”

The workshop will be presented by Dr Hayat Sindi, figure head of science and technology in the Middle East and Chief Scientific Advisor to the IsDB president.

Her visit to Rabat is part of a four-week tour across the Islamic Development Bank’s member countries introducing the fund to the people, including Transform to Morocco’s first undertaking, an online platform called ‘Engage’.

This venture will help match businesses with innovators, and will “fund scientific initiatives that will help the economic and social progress of those in the developing world.”

This fund comes at an ideal time for Morocco who were stagnant in their innovative strides this year, ranking 50th once again in the annual Innovation Rankings compiled by Bloomberg.

Perhaps Transform to Morocco will act as a catalyst for new ideas in science and technology, propelling them up the ranks and aiding them in fulfilling the objectives laid out in the Moroccan Innovation Initiative.

“I am delighted to be in Morocco to discuss our exciting plans for the launch of the IsDB’s Engage platform. Morocco is a hub of ideas and innovation,” Dr Sindi told Morocco World News.

“We would like to hear from the science and technology community – the start-ups, investors, NGOs, students, researchers and SMEs, who can help us accelerate social and economic progress in the developing world through the power of innovation. We invite them to engage with us because we can provide the infrastructure to help develop their ideas,” she added.

Dr Sindi will meet with chief Ministers and Government Agencies during her tour, including spokespeople from the Ministry of High Education, Ministry of Economy and Finance and the Ministry of Industry, Investment, Trade and Digital Economy.

The Islamic Development Bank, one of the largest development banks in the world are responsible for establishing a number of widely successful fund partnerships, including the World Bank, DFID and the Bill and Melinda Gates Foundation generating optimism for Morocco’s future in science, technology and innovation.

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