Enhancing IsDB Member Countries Preparedness and Response to COVID-19 Pandemic
Registration Opens: 1st April 2020
Registration Closes: 1st June 2020
The Islamic Development Bank Group is coordinating a wide-ranging response to the impact of COVID-19. It has set up a Strategic Preparedness and Response Facility which will oversee a response package. The facility will focus on emergency preparedness to curb the spread of the COVID-19, minimizing the socio-economic impact of the pandemic especially on poor communities, and building the resilience of its Member Countries in responding to outbreaks and pandemics.
IsDB recognises that its Member Countries need the necessary tools to be more resilient to epidemics and pandemics as well as the ability to quickly recover economically. These tools and interventions will have long-term benefits beyond a specific pandemic event.One of the many issues this pandemic has shown humanity is that its survival depends on how much it invests in Science, Technology and Innovation (STI).
The IsDB has a longstanding commitment to harnessing the powers of STI as a means to unlocking global development challenges. Its US $500 million Transform Fund, launched in 2018, invests in early stage innovative ideas and the scaling of innovations by providing seed money for innovators, entrepreneurs, Start-ups, SMEs and institutions that need initial funding and growth capital to develop their ideas.
Accordingly, the Islamic Development Bank has announced the Transform Fund Call for Innovation 2020. The year 2020’s call will focus entirely on supporting Member Countries of the IsDB’s long-term preparedness and response to the COVID-19 pandemic. This Call will operate in addition to the IsDB Group’s other wide-ranging initiatives coordinated by its Strategic Preparedness and Response Facility.
The Call for Innovation will identify, encourage and reward innovative proposals that will benefit local communities focused on the following:
- The application of advanced technology such as IoT, Big Data block chain and Artificial Intelligence to track and monitor the spread of COVID-19 and other emerging Infectious diseases for improved diseases surveillance systems and patient care;
- Innovative health supply chain management systems such as powerful search engine of medical supplies, new Bio safety Laboratory Level-3 Design technology and bio containment;
- Development of Low-cost rapid tests and screening methods such as Point-of-Care rapid tests, molecular tests and diagnostic test quality, for early detection, diagnostic, treatment and prevention solutions including vaccine production for COVID-19 and future emerging highly infectious diseases;
- Capacity building interventions targeted at improving operational capacities of health care providers in the field epidemiology and infection control management of highly pathogenic cases, such as training, deployment of software applications, awareness campaigns, service delivery or research centres.
The Fund will look for applications specifically linked to tackling COVID-19 in relation to the following six UN Sustainable Development Goals:
All modes of finance will be structured and disbursed in full compliance with Islamic finance guidelines. The Transform Fund will use two modes of financing spread across four eligible categories of projects:
- Grant; and
- Equity participation
The Transform Fund aims to support the four categories of projects through Grants and Equity Participation listed in the table below:
For eligibility criteria and other operational matters, candidates may be assisted by referring to Operational Guidelines for the Application for Transform Fund. Applicants who have viable ideas or eligible projects and think they can do it on their own, they can apply for the grant directly at the IsDB – engage website: https://www.isdb-engage.org/en/challenge/call-for-innovation-via-transform-fund-2020.
The Africa Islamic Economic Foundation has assembled a team of experts and professionals to support innovators, entrepreneurs, Start-ups, SMEs and institutions that need initial funding and growth capital to develop their ideas. Applicants who need the support of the Foundation should please contact us with a summary of their ideas or projects of not less than 300 words through: email@example.com.