The Islamic Development Bank (IDB) launched on Tuesday a $500 million "innovation fund" for funding scientific and technological inventions to tackle development challenges among state members. IDB’s President Bandar Hajjar said in a statement that some of the money earmarked for the fund would be invested in food security, education, water management, clean energy and manufacturing in developing nations. “The Islamic Development Bank understands that people living in the developing world need more than just grant funding.
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