The Islamic Solidarity Fund for Development (ISFD) has developed its new 2030 transformation strategy and identified Human Capital Development as a core pillar for poverty reduction.
On 8th of August 2022, Islamic Development Bank (IsDB) President and Group Chairman, H.E. Dr. Muhammad Al Jasser, approved a US$ 41.7 million new project in Burkina Faso of which ISFD will contribute US$ 10 million in concessional loans. The project’s development objective is to support increased access of out-of-school boys and girls to gender-responsive, quality, and inclusive education. The program, focusing on those aged 9-12, covers Speed Schools which provide an accelerated education program as a second chance to education for out-of-school children and youth. In addition, it targets primary schools in Boucle du Mouhoun, Centre Nord, East, Central East, North and Sahel regions of Burkina Faso.
The approved project is one of many under the Out-of-School Children Program (OOSC). In 2018, ISFD and Education Above All (EAA) co-developed OOSC as a Multiyear Financing Facility, with the objective of “promoting inclusive and equitable quality education and lifelong learning for all”.
Specifically, OOSC supports enrolment and retention of out-of-school children in quality basic education. Globally, around 58 million children are out of schools, two thirds of whom are in IsDB Member Countries. Hence, OOSC targets IsDB member countries with over 500,000 primary school-aged children out of school and covers Nigeria, Mali, Pakistan, Burkina Faso, and other member countries meeting the same criteria.
ISFD contributed US$100 million as a concessional loan to OOSC. This financing was blended with US$75 million as a grant from EAA in addition to financial contributions from other implementing partners such as NGOs, the UN, and benefiting governments.
Distributed by APO Group on behalf of Islamic Development Bank Group (IsDB Group).