WASHINGTON, September 13, 2024 - The World Bank, Qatar, and the global foundation Education Above All have announced a partnership focused on expanding quality access to education worldwide. Successive global challenges in recent years have led to an increase in out-of-school children and youth and a massive global learning deficit. Countries are urgently seeking solutions and the needed finance to reverse current education trends. The agreements mark a key step in driving forward new partnerships that can expand impact for the global education agenda.
The World Bank will support Qatar and Education Above All in the development of new, innovative financial tools including the design of potential education investment swaps that could transform low- and middle-income countries' debt into education results. This approach would drive innovative solutions to the global learning crisis while addressing the debt burden many low and middle-income countries face.
The World Bank and Education Above All will also work together on the design and implementation of co-financed programs to keep children in school and reduce the staggering 70% estimated global post-COVID learning poverty rate. The priorities will be to expand access to quality education for children and youth in developing countries and help create new jobs for young people across the Middle East and North Africa region.
"The rewards of education are vast for each person throughout their lifetime and for entire societies for generations to come," says Mamta Murthi, Vice President, People Vice Presidency, World Bank. "We are delighted to be partnering with State of Qatar and Education Above All Foundation to build the human capital of young people worldwide, especially the most vulnerable, to improve their economic opportunities, and contribute to ending poverty on a livable planet."
"The signed agreement is part of Qatar's ongoing initiatives to reinforce its commitment to multilateral work with the goal of contributing to the development of financial sustainability and enhancing joint cooperation," said Dr. Saud Abdulla Al-Attiyah, Qatar's Deputy Undersecretary for Economic Affairs. "This reflects Qatar's deep interest in education as a fundamental pillar for achieving sustainable development."
"Innovative financing is key for sustainable development, especially for education It has reduced the burden for low- and middle-income countries and given space for more funding to be allocated locally and invested in education," said Fahad Sulaiti, CEO of Education Above All Foundation. "We are leveraging strong partnerships to drive innovative solutions that will transform the lives of communities and millions of children around the world."
The World Bank, Qatar, and Education Above All Foundation partnership reflects the strategic imperative of investing in quality access to education and of reimagining partnerships that are essential in realizing the ambition of the World Bank's new development playbook. The World Bank Group is the largest financier of education in the developing world, working in 90 countries and committed to helping them reach SDG4: access to inclusive and equitable quality education and lifelong learning opportunities for all by 2030.
