WIEF Foundation and IDB to Reinvigorate Private Sector


Jun  16th


WIEF to collaborate efforts to connect businesses in the Muslim world
Kuala Lumpur, 16 June 2009 –– The World Islamic Economic Forum Foundation will work in partnership with Islamic Development Bank to reinvigorate the private sector to further enhance the business connections in the Muslim world.

Speaking at the Islamic Development Bank Group Annual Meeting in Ashgabat, Turkmenistan, Tuan Syed Abu Bakar Almohdzar, Managing Director of WIEF Foundation said “IDB’s new policy outlook in bolstering the private sector is in tandem with the ongoing WIEF- IDB partnership to develop vocational training programme for the Sub-Saharan African countries under the IDB’s Vocational Literacy Program for Poverty Alleviation (VOLIP) initiative.”

Tuan Syed, in his speech, further added that the vocational training programme is under the purview of the Education Trust, which has been tasked to oversee the educational aspect of WIEF Foundation’s operations.
The VOLIP is one of the IDB’s initiatives to provide some USD $1bn in financing over the next five years in order to help address some of the most fundamental causes of poverty in member nations of the IDB, namely lack of education and of employment opportunities. The VOLIP programme aims to provide some $500m in funds over a five-year period for vocational literacy.

The Islamic Development Bank Group Annual Meeting was held from 2-3 June 2009 under the patronage of the President of Turkmenistan, Gurbanukuly Bardi Muhammadov, and attended by the ministers of finance, economic affairs and planning of the 56 member countries of the IDB.
The World Islamic Economic Forum Foundation has also established Young Leaders Network, Scholarship and Internship programmes aimed at empowering young leaders in the Muslim world. According to Tuan Syed, applications have been received from various Muslim countries and the applicants are currently being shortlisted.