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27 August 12:00 AM

IsDB spearheading move to achieve SDGs

The Islamic Development Bank (IsDB) has been working hard during February to take several steps to serve the United Nations Sustainable Development Goals, especially innovation, industry and infrastructure. 

The Islamic Development Bank is set to engage in a partnership with the China-led Asian Infrastructure Investment Bank (AIIB) to co-finance infrastructure projects in Africa which needs  about $150 billion a year to finance infrastructure.

The bank also plans to issue soon  its largest sized sukuk for $2.5 billion to support infrastructure, education, health and other projects within the bank’s 57 member nations. In September 2017, the bank issued a $1.25bn sukuk bond.

This month has marked the  IsDB's announcement of launching Engage, a new digital platform which will promote technological and scientific solutions to accelerate progress towards the Sustainable Development Goals(SDGs).

The platform will focus on six SDGs, specifically achieving greater food security and sustainable water management, improving health and education, securing affordable and clean energy, and promoting sustainable industrialization in developing states.

The IsDB has also declared the establishment of  Transform Fund - a  $500 million fund which will finance innovative ideas linked to development solutions. It will provide seed money for innovators, start-ups and SMEs, as well as funding partnerships between researchers and entrepreneurs that will tackle development challenges in line with the SDGs.

The Transform Fund will run in tandem with a new online hub called Engage, designed to connect innovators to each other and assist them in developing their ideas.

The bank has also signed a landmark memorandum of understanding with the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) to work together to build a global network of scientists, technologists, innovators, entrepreneurs and investors.

Serving the same goal, the bank's Islamic Research and Training Institute (IRTI) has announced  this month its second Award for Best Application of Agent-based Simulation (ABS) in Islamic Finance.

The Award is aimed at inspiring student researchers across the world to use and apply Agent-based Simulation (ABS) to various aspects of Islamic economics and finance. 

ABS is a valuable tool for studying complex phenomena and developing practical solutions. Platforms such as ABS can prove to be effective in understanding multi-agent behavior in complex systems. Over the past 25 years, ABS has been increasingly applied in a variety of fields of knowledge such as science, finance among others.

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