Riyadh, Kingdom of Saudi Arabia : The Islamic Solidarity Fund for Development (ISFD) and the International Center for Entrepreneurship and Innovation (ICEI), signed a Memorandum of Understanding (MoU) to collaborate on promoting economic empowerment and social development in Organization of Islamic Cooperation (OIC) member countries.

The MoU, signed on the sidelines of the IsDB Annual Meetings by Dr. Hiba Ahmed, the ISFD Director General, and H.E. Shaikh Ebrahim bin Khalifa Al Khalifa, Honorary Chairman of the Board of Trustees of ICEI, reflects a shared commitment to achieving the Sustainable Development Goals (SDGs) by focusing on economic empowerment, particularly for women and youth. In addition, it establishes a framework for collaboration across several key areas. These include developing a Women Economic Empowerment Strategy, fostering poverty alleviation by empowering women and youth in smart green agriculture and food security initiatives, and supporting vulnerable groups and people with disabilities. The MoU also encourages the development of smart cities that foster social entrepreneurship, facilitates digital transformation in manufacturing, healthcare, education, and the creative economy, and enhances innovation and life skills development within educational institutions.

Dr. Hiba Ahmed highlighted the potential of this partnership and stated: “This partnership with ICEI presents a tremendous opportunity to leverage our combined expertise and resources to empower women and youth as key drivers of sustainable development across the OIC member states. By fostering inclusive economic ecosystems, we can create a lasting positive impact on poverty reduction, social integration, and overall prosperity."

H.E. Shaikh Ebrahim bin Khalifa Al Khalifa echoed this sentiment and said: "We are thrilled to join forces with the ISFD in this crucial endeavor. This MoU underscores the importance of economic empowerment as a cornerstone for achieving the SDGs. Through collaborative efforts, we can unlock the potential of women and youth as innovators and entrepreneurs, leading to a more prosperous and sustainable future for OIC countries."

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About ISFD:

Established in 2007, the Islamic Solidarity Fund for Development (ISFD) is the poverty alleviation arm of the Islamic Development Bank (IsDB) with a resolute mission to combat poverty and promote inclusive and equitable growth. ISFD provides the necessary financial support in the form of concessional finance and grants to improve the productive capacity and sustainable means of generating income for the poor, promote human capital development, and economically empower women & youth in member countries of the Organization of Islamic Cooperation (OIC).

About ICEI Bahrain:

The International Center for Entrepreneurship and Innovation (ICEI) is an international center, registered in the Kingdom of Bahrain, operating towards economic development by creating and enhancing conducive eco-systems for the development of micro, small and medium enterprises (MSMEs) through capacity building programs, technology transfer, financing and incubation management systems with special focus on women and youth. In 2001 the United Nations Industrial Development Organization (UNIDO) Investment and Technology Promotion Offices (ITPO) in Bahrain established the Arab Regional Center for Entrepreneurship and Investment, in line with the successes of Arab Regional Center for Entrepreneurship & Investment Training (ARCEIT)  in various countries locally, regionally and internationally, and in line with the UNIDO independent evaluation in 2008 that stipulated converting ARCEIT into an independent stand-alone sustainable center, from UNIDO, in terms of financial obligations and human capital.