The Importance of Education Funding in Today’s World

In a world where education is more crucial than ever, the need for adequate funding has never been more pressing. As we celebrate the 50th anniversary of the Islamic Development Bank, it is important to recognize the partnerships that have allowed us to double down on efforts to empower people, build their lives, and contribute meaningfully to their communities.

The Smarter Financing for Education initiative, launched in 2021, has been a game-changer, providing half a billion dollars to help millions of children access quality education. This funding is especially critical as education budgets in lower-income countries are dwindling due to debts, socio-economic crises, and the lasting impact of COVID-19.

Since 2020, education budgets in nearly half of lower-income countries have dropped by an average of 14 percent, while foreign aid to education has also declined. The Global Partnership for Education (GPE) has been instrumental in bridging this gap, exceeding its $3.5 billion multiplier grant financing target for 2025 two years ahead of schedule.

However, with demand for education funding exceeding expectations, the $500 million allocated to the SmartEd initiative is quickly running out. Only $150 million remains to support 37 member countries of the Organization of Islamic Cooperation in the program’s final year, highlighting the urgent need for additional resources.

As we mark this milestone occasion, it is imperative to bolster our collective commitment to quality education. With an astonishing 250 million children out of school worldwide, the need for quality education has never been more urgent. By investing in education, we are not only building a brighter future for our children but also ensuring the prosperity and security of our communities.