NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Wednesday, September 11, 2013

In 2011, the Islamic Development Bank (IsDB) and the Earth Institute (Columbia University) formed a partnership to work with African nations to support their efforts to end extreme poverty. On Tuesday, the IsDB and the Earth Institute and its partner, Millennium Promise, announced that the IsDB and its poverty reduction arm, the Islamic Solidarity Fund for Development (ISFD), have now extended more than $100 million in financing to help eight African nations combat extreme poverty, improve public health and achieve more sustainable development.

In each of these projects, host governments will partner with the IsDB, the Earth Institute and Millennium Promise to carry out the projects. The Earth Institute, led by its Millennium Development Goals Centers in East and West Africa, and Millennium Promise, will provide technical, operational and scientific guidance to the nations involved in the new initiative.

“The Islamic Development Bank is showing great and innovative leadership in addressing poverty in its member states,” said Jeffrey Sachs, director of the Earth Institute. “In these new programs, the bank is applying cutting-edge methods to the fight against poverty, hunger and disease. It is a privilege and honor to be working along with the IsDB on this bold undertaking.”