IDB calls for innovators to apply for transform fund

KUALA LUMPUR: The Islamic Development Bank (IDB) calls on innovators in Malaysia and around the globe to apply for the US$500 million (US$1=RM3.93) Transform Fund, an endowment fund aimed at creating an ecosystem for innovation to energise economic and social progress in the developing world.

Senior advisor to IDB Group president Dr Hayat Sindi said the fund, set for April 1 launch, is open to all innovative ideas in the area of water, food security, energy, education and health.

“We want to have applications and applicable ideas from all scientists around the world who can help us with their creative minds and solutions to address the greater challenges,” she told Bernama after delivering a talk entitled “Engaging for Development: Transforming Lives Through Science Technology and Innovation” here recently.

For the first year, the fund will shortlist 50 best candidates and the recipients will be named in December, she said, but declined to reveal the number of recipients for the fund.

The amount of funding ranged from US$50,000 up to US$1 million depending on the stage of development of the innovation.

The fund, in return, will hold a certain percentage of stakeholding which varies, depending on the amount of funding and stage of commercialisation.

For shortlisted candidates who do not get the fund, Dr Hayat said a crowfunding platform would be created to enable them to raise funds from private investors.

“We are creating crowfunding platforms based in Jeddah and in our regional offices,” she said.

To show its commitment towards the fund, she said IDB has put up US$100 million in the fund and another US$100 million was received from the Islamic Solidarity Fund for Development.

Dr Hayat said she was currently campaigning to raise the balance of US$300 million for the fund.

Nevertheless, she said member countries could also provide non-monetary assistance such as assets and expertise in commercialising an idea.

“We are going to campaign through our member countries to help us with the fund. Helping doesn’t have to be money but also in terms of facilities,” she said.

Based in Jeddah, IDB was founded in 1973 with Malaysia as one of its founding members.

The bank has contributed more than US$120 billion of development funding to its 57 member countries. — Bernama