(MENAFN) Saudi Arabia's Islamic Development Bank (IDB) was revealed to have introduced its "innovation fund", worth USD500 million, for financing scientific and technological discoveries.
A portion of the funds are to be put in food security, education, water management, clean energy and manufacturing in developing nations, IDB's President Bandar Hajjar stated.
In his statement, the president explained "the Islamic Development Bank understands that people living in the developing world need more than just grant funding. They need sustainable solutions to help them build their own way out of poverty. At the same time, we do need to offer access to the resources they need to realize their goals and change the world. That is why we have launched Transform."
He then pledged "transform will ensure our members have access to a vital flow of financing facilities to help finance innovative ideas linked to real development solutions."
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