IslamicFinance.de

The Islamic Development Bank (IDB) announced it had formed a $500-million fund for scientific research. President Bandar Hajjar said the fund would find solutions to economic adversity using scientific innovations. He was speaking at the 33rd Ministerial Session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) in Istanbul. Hajjar added that the bank had received 100 million Saudi riyals ($26.6 million) as contribution. He also added that to address the issue of youth unemployment a five-year program has been launched to improve cooperation between universities, research centers, non-governmental organizations and government departments.