According to the International Labor Organization’s 2010 report, Arab countries must create more than 50 million jobs in the next decade to stabilize employment. The International Finance Corporation (IFC), a member of the World Bank and the Islamic Development Bank, were the signatories to the accord.
“The IFC-Islamic Development Bank initiative will demonstrate how private education can address the gaps between labor needs and education outcomes and identify regulatory issues and areas for policy change, thereby increasing job opportunities and spurring economic growth,” said Jyrki Koskelo, IFC vice president for global industries, following the signing ceremony.
Birama Sidibe, IDB vice president of operations, who signed the agreement on behalf of the bank, said the initiative, called “Education for Employment,” would provide a road map to governments, multilateral organizations, and other key players and help improve the private sector’s ability to finance and provide “affordable, high-quality, employment-driven education and prevent the outward migration of highly skilled graduates.”
A report on the initiative will be released in April and will include existing research and new regional studies. IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries.
The IFC aims to create opportunity for people to escape poverty and improve their lives by providing financing to help businesses employ more people and supply essential services. IFC's new investments climbed to a record $18 billion in 2010.
The Islamic Development Bank is a development organization providing Shariah-compatible funding and technical assistance to the Islamic world.
