IDB President Bandar Hajjar

Jeddah (IINA) : New President of the Jeddah-based Islamic Development Bank (IDB) Group Dr. Bandar Hajjar said young people are the backbone of creativity, which is the fuel of development, stressing that investment in creative and pioneering young people is a necessity for achieving sustainable development goals.

“Young people are the spirit and vibrant heart of nations, as they enjoy a positive force to leading the present and future of their countries,” he added.

Speaking to the International Islamic News Agency (IINA), Dr. Hajjar said that the IDB Group, in this regard, has launched a number of initiatives to drive kinetic creativity, make excellence and raise the sense of entrepreneurship among young people, in addition to embracing and developing young people’s ideas and providing the opportunity for implementing these ideas. He affirmed that “these initiatives also aimed at supporting youth entrepreneurial projects and accelerating their growth for the benefit of our Ummah.”

Hajjar explained that among the initiatives launched by the Bank is developing an online course in innovation and entrepreneurship, in partnership with Gazi University in Turkey. This course aims to provide an opportunity for young people from the member states to learn and share the latest advances in the fields of innovation and entrepreneurship. The course will end up with a youth project, to be considered for possible financing by the IDB.

The initiatives include STEAM (Science, Technology, Engineering, Arts and Mathematics) project, which is a partnership between the IDB and King Abdullah University of Science and Technology (KAUST), where students from selected universities are invited to compete to create innovative solutions to address specific challenges.

Also among the initiatives launched by the Bank is a training seminar on innovation, to be held on the sidelines of the Annual Meetings of the IDB Board of Governors, where young people from the host countries meet for the whole day, to learn from experts and technologists the newest tools and technologies in the field of innovation through workshops and forums.

Hajjar further noted to an initiative on the establishment of an exhibition showcasing innovations, to be organized annually by the IDB, where young people can display their ideas and innovations. He considered these exhibitions an opportunity for the participants and the IDB Board of Governors to exchange experiences and solutions, and to examine the possibility of their recurrence in various member countries.

“Given the magnitude and complexity of the challenges facing Muslim youth, especially the high rate of unemployment and lack of an environment favorable to entrepreneurial opportunities, it is imperative to make concerted efforts, develop multilateral partnerships and mobilize necessary resources to address these challenges, and implement the important initiatives to support young people,” the IDB president said.

He pointed out that these important initiatives include the establishment of a Youth Development Bank, under the umbrella of a Youth Innovation Fund of the OIC countries. This Fund will contribute to financing and helping young entrepreneurs and owners of small and medium-sized enterprises (SMEs) to apply their creative ideas and turn them into productive projects, through the provision of necessary training, services and facilities for starting and managing these projects.

As part of these initiatives, Hajjar noted to the creation of an electronic platform for the exchange of young people’s economic, financial and social creative ideas. He disclosed that the IDB Group is currently studying the mechanism of implementing this platform which is aimed at linking these innovations with the funding, needed by young people.

The IDB president said that the initiatives launched by the Bank, further include stimulating the spirit of volunteerism among young people, particularly in the development sectors such as health, education, agriculture and environment. This can be carried out through holding training and educational sessions on the importance of voluntary work and its role in achieving sustainable and comprehensive development.

IDB’s initiatives further include the launch of an Award for Young People, with a view to encouraging innovation and creativity among them in the areas of human development. He explained that it is possible to cooperate with the concerned institutions in the member states to design the Award, in order to promote competition among young people to create innovative thoughts.