The collaboration aims to expand global access to quality education, addressing the rising number of out-of-school children and worsening learning deficits.
The Education Above All (EAA) Foundation, the Ministry of Finance of Qatar, and the World Bank have announced a major new partnership aimed at tackling the global education crisis.
A key component of this initiative is the development of innovative financial tools, including the potential introduction of education investment swaps. These tools will facilitate the conversion of debt in low- and middle-income countries into actionable educational outcomes.
By tackling both the global learning crisis and the substantial debt burdens faced by these nations, this initiative seeks to provide a sustainable solution to these pressing issues.
Additionally, the collaboration will focus on creating and implementing co-financed programmes to enhance school retention rates and address the surge in learning poverty exacerbated by the COVID-19 pandemic.
Fahad Sulaiti, the CEO of the Education Above All Foundation, highlighted the critical role of innovative financing in this endeavour.
“Innovative financing has lightened the debt load for low- and middle-income countries, allowing for more funds to be devoted locally to education,” he said. “Through strong partnerships, we are driving innovative solutions that will transform the lives of communities and impact millions of children worldwide.”
The collaboration will focus on improving access to quality education in developing countries, with a particular emphasis on the Middle East and North Africa region.
It also aims to generate job opportunities for youth in these areas, fostering both educational and economic development.
Dr. Saud Abdulla Al-Attiyah, Qatar’s Deputy Undersecretary for Economic Affairs at the Ministry of Finance, articulated Qatar’s commitment to this effort.
“The signed agreement is part of Qatar’s ongoing initiatives to reinforce its commitment to multilateral work with the goal of contributing to the development of financial sustainability, as well as enhancing joint cooperation,” he said.
“This reflects Qatar’s deep interest in education as a fundamental pillar for achieving sustainable development.”
Mamta Murthi, Vice President of the People Vice Presidency at the World Bank, said she is “thrilled” about the partnership which will strengthen the global human capital of vulnerable youth.
“The rewards of education extend vastly across individuals and societies, enhancing economic opportunities and aiding in eradicating poverty,” she said.
