Launched in 2018, the IsDB’s Transform Fund invests in early stage innovative ideas and the scaling of innovations by providing seed money for innovators, entrepreneurs, start-ups, SMEs and institutions that need initial funding and growth capital to develop their ideas. For this call for innovation, IsDB will financially support ideas that help curb the spread of COVID-19, minimise the socio-economic impact of the pandemic and build the resilience of the Bank’s member countries in responding to outbreaks and pandemics long-term.

His Excellency Dr. Bandar Hajjar, President, Islamic Development Bank Group, said: “One of the many issues this pandemic has shown us is that survival depends on heavily on investment in science, technology and innovation. We encourage entrants that have innovations with a focus on advanced technology, innovative health supply chain management, low cost rapid tests and capacity building innovations. We have identified these key categories for innovation as the building blocks for preparedness and response in tackling present and future outbreaks and pandemics.”

The latest call for innovation via the Transform Fund is the latest in a series of commitments from IsDB to help member countries cope with the adverse impacts of COVID-19. Earlier this month, ISDB announced a comprehensive $2 billion package based on the “Respond, Restore, Restart” principles.