DOHA: The Education Above All (EAA) Foundation, the Ministry of Finance, and the World Bank have announced a transformative partnership to expand access to quality education globally.
In a press release issued by EAA, the foundation said that this collaboration comes in response to the urgent global challenges that have significantly increased the number of out-of-school children and the pervasive learning deficits worldwide.
The partnership will see the development of innovative financial tools, including the potential design of education investment swaps. This novel approach will allow the conversion of debt in low- and middle-income countries into tangible education outcomes, offering a sustainable solution to both the global learning crisis and the heavy debt burdens these countries face.
It added that the trio will collaborate on designing and implementing co-financed programs to retain children in schools and combat the alarming post-COVID learning poverty rate, estimated to affect 70 percent of the global student population. The focus will be on enhancing access to quality education in developing countries and fostering job creation for youth, particularly in the Middle East and North Africa region.
Commenting on the partnership, Qatar's Deputy Undersecretary for Economic Affairs, at the Ministry of Finance Dr Saud Abdulla Al Attiyah said, "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. Which reflects Qatar's deep interest in education as a fundamental pillar for achieving sustainable development."
For his part, CEO of EAA Foundation Fahad Al Sulaiti emphasised the critical role of innovative financing in sustainable development, particularly in education saying, "Innovative financing has lightened the debt load for low- and middle-income countries, allowing for more funds to be devoted locally to education. Through strong partnerships, we are driving innovative solutions that will transform the lives of communities and impact millions of children worldwide."
In turn, Vice President of the People Vice Presidency at the World Bank Mamta Murthi expressed enthusiasm about the partnership, "The rewards of education extend vastly across individuals and societies, enhancing economic opportunities and aiding in eradicating poverty. We are thrilled to partner with the Education Above All Foundation to bolster the human capital of young people globally, especially those most vulnerable."
