TUNIS, April 6 (Xinhua) -- The Islamic Development Bank (IDB) Group Thursday announced that it has set up a 500-million-U.S.-dollar innovation fund to support science and technology initiatives in its member countries.
The Transform Fund will provide innovators in developing countries with market opportunities and funding.
"The IDB understands that people living in the developing world need more than just grant funding. They need sustainable solutions to help them build their own way out of poverty," the group's President Bandar Hajjar said while addressing the 43rd IDB annual meeting in capital Tunis.
The IDB also announced the establishment of two high-level boards to guide the bank's strategy and help review applications for funding.
It invited its 57 member countries to identify more resources to meet their development needs.
