IDB promoting innovation, says its president

Islamic Development Bank (IDB) has been promoting and supporting science, technology and innovation as part of an initiative to implement its vision to help people through investment in enterprise development.

The Jeddah-based multilateral lender made the disclosure yesterday at the launch of the second edition of a “Transformers Roadshow” at Radisson Blu Dhaka Water Garden.

The first one was organised by the IDB at Astana Islamic Economy Forum in Kazakhstan on July 3.

“The IDB has started to organise the roadshow aiming to identify innovators, scientists and entrepreneurs from its member countries,” Bandar Hajjar, IDB president, told the opening of a competition.

“Transformers” is a science, technology and innovation competition in which entrepreneurs and innovators can pitch their concepts supporting one or more of the sustainable development goals.

Hajjar said the IDB works on improving human development and the roadshow would help developing countries promote new innovations in the fields of science, technology and businesses.

“Along with the grant and financing, the developing countries should be provided with more opportunities so that they are able to stand on their own feet,” he said.

The IDB will make use of one country's innovative ideas in other nations to improve people's livelihoods, Hajjar said.

“We will open a regional office in Dhaka tomorrow (today) to cover 19 countries like Singapore, Australia, Thailand, India,” he added. Yeafesh Osman, minister for science and technology, said Bangladesh could solve different challenges in the future with the IDB's cooperation.

“Bangladesh and the IDB have been maintaining a warm relationship for long. The latest initiative of the institution will help improve living standards of people as communication and technology play key roles in developing the socioeconomic situation,” he said.

Hayat Sindi, senior advisor to the IDB president, said a large number of people were still deprived of the facilities science and technology offer.

“The IDB has created a digital platform, namely 'Engage', to build up a digital world. The bank has an allocation of nearly $500 million to promote the excellent ideas,” she said. Anyone can use the fund to realise brilliant ideas, Sindi said.   

Up to 20 teams of people was selected to take part in the competition where they got the opportunity to meet experts so that their ideas could become a reality.

Judges selected three winners who will receive awards in presence of Prime Minister Sheikh Hasina at a ceremony marking the opening of the IDB's Dhaka hub today.   

Each winner will be awarded $3,000 in prize money and the opportunity to join a high-level IDB annual service technology and innovation conference in December.