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OPEC Fund commits US$400 million to expand quality education
Contribution to SmartEd Phase II part of US$1 billion mobilization for education systems in developing countries
More than 270 million children and young people worldwide are out of school, according to the United Nations, and many more are in classrooms without gaining the knowledge and skills they need to fulfil their potential.
To help change that, the OPEC Fund for International Development is committing US$400 million to SmartEd Phase II, an initiative that strengthens education systems and expands access to quality learning in developing countries. The OPEC Fund's contribution forms part of a US$800 million pledge from the Arab Coordination Group. Together with US$200 million from the Global Partnership for Education (GPE), the initiative will mobilise US$1 billion.
OPEC Fund President Abdulhamid Alkhalifa said: "Investing in education means investing in opportunity, prosperity and peace. Through SmartEd we are pooling our resources with partners to help countries strengthen education systems and give more children and young people the knowledge and skills they need to build better futures based on knowledge, skills and practical expertise."
SmartEd Phase II will extend support to additional eligible countries, helping governments finance country-led reforms that improve access to school, raise learning outcomes and make education systems more resilient.
SmartEd combines GPE grant resources with concessional financing from development partners. Through the GPE Multiplier, a financing instrument, every US$1 in grant financing can unlock US$4 in additional concessional financing. This allows countries to pursue larger-scale education programmes on more affordable terms.
President Alkhalifa added: "Addressing the global education challenge requires stronger partnerships, innovative financing and action at scale. By working together we can help countries strengthen their education systems and equip the next generation with the knowledge and skills they need to fulfil their potential."
SmartEd was launched in 2021 as a partnership between GPE and the Arab Coordination Group. Phase I targeted US$500 million in financing and has supported education investments in Cameroon, Chad, the Kyrgyz Republic and Uzbekistan.
Education has long been central to the OPEC Fund's work. To date, the institution has committed around US$1.5 billion to some 500 education projects worldwide, supporting access to learning, skills development and stronger education systems.