Islamic Development Bank to Launch $500M Fund to Support Moroccan Startups

Dr Hayat Sindi Chief Scientific Advisor to the President of the Islamic Development Bank

The Islamic Development Bank (IDB) of Saudi Arabia will launch in April 2018 the “Transform to Morocco” fund dedicated to Moroccan startups and SMEs. It aims to support projects yielded by the platform launched by the lender on February 6, 2018, in Morocco, according to Ecofin Agency.

The fund, with a target capital of $500 million, will finance promising projects at their early stages. It will also enable innovative startups and SMEs to implement their business projects, bringing their ideas to life.

“Thanks to Transform to Morocco, innovative ideas become concrete development solutions that will help to remediate development issues and empower communities… Transform to Morocco could finance the commercialization of technology developed through sustained partnership between researchers and entrepreneurs,” said an IDB executive.

The above mentioned platform named “Engage” will connect companies, startups, SMEs, from Morocco to experts who will accompany them in the formulation and development of their project ideas.

The fund is said to be coming at a time for the country Morocco who were stagnant in their innovative strides this year, ranking 50th in the annual Innovation Rankings compiled by Bloomberg

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Dr Hayat Sindi, the Chief Scientific Advisor to the IDB President revealed, “We would like to hear from the science and technology community – the start-ups, investors, NGOs, students, researchers and SMEs, who can help us accelerate social and economic progress in the developing world through the power of innovation. We invite them to engage with us because we can provide the infrastructure to help develop their ideas.”

The Islamic Development Bank, one of the largest development banks in the world are responsible for establishing a number of widely successful fund partnerships, including the World Bank, DFID and the Bill and Melinda Gates Foundation generating optimism for Morocco’s future in science, technology and innovation, the Morocco World News says.

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