At the RewirEd Summit hosted by Dubai Cares, Dr. Jakaya Kikwete, Global Partnership for Education board chair and former president of Tanzania, and Amer Bukvic, director general for product development and partnerships of Islamic Development Bank, launched the Smart Education Financing Initiative, generating half a billion dollars of financing for education.
The initiative, developed by Global Partnership for Education and the Arab Coordination Group — a grouping of Arab financial development institutions — is an innovative funding mechanism that provides $4 for every $1 mobilized from the GPE Multiplier, up to $400 million. Together, the leveraged Arab group and Global Partnership for Education funds total $500 million in education financing for 37 countries of the Organization of Islamic Cooperation, where 28 million children are out of school.
“The funding generated through this initiative will help governments tackle the learning crises at their doorstep, providing additional funding on better terms, and making sure these resources are invested in effective, sustainable education programs,” said Kikwete. “The world continues to face a deep education crisis, leaving over 250 million of the most vulnerable children behind. We need more and better education funding through innovative mechanisms, increased domestic financing and international donor support.”
“Education is a social endeavor and the learning environment plays a critical role in its success. In our efforts to rebuild better and more resilient education systems, countries must be supported with financial tools to complement domestic resources. Through this ACG Smart Education Financing Initiative, the IsDB and its Arab development partners are stepping up our commitment through enhanced education financing for development with the global community,” said Bukvic.
Also at RewirEd, Kikwete and President Uhuru Kenyatta of Kenya, welcomed engagements from signatories to the Heads of State Call to Action on Education Financing, a commitment to spend at least 20 percent of national budgets on education. This builds on pledges made at the Global Education Summit in July, where 19 Heads of State and Government endorsed the declaration – a commitment equivalent to $200 billion in education financing over the next five years.
GPE works to leverage more and better domestic financing for education - the most significant and sustainable funding source – by helping governments increase the volume, efficiency and equity of their domestic education budgets.
As part of EXPO 2020 Dubai and in close coordination with the Ministry of Foreign Affairs and International Cooperation of the UAE, the RewirEd Summit brought together leading actors from political, multilateral, donor, CSO, foundations, business and academic spheres around a common goal of rewiring education for a prosperous future, demonstrating the UAE’s regional and global leadership at a critical time for education around the world.
