Lima, Peru, 10 October, 2015 – Dr. Hafez Ghanem, Vice President for the Middle East and North Africa Region (MENA) at the World Bank, called today on member countries of the region to modernize and strengthen their educational systems through a joint World Bank and Islamic Development Bank initiative.

Speaking at the Islamic Development Bank Group’s (IsDB) lunch in Lima, Peru, on the occasion of the World Bank-IMF Annual Meetings, Dr. Ghanem stressed the importance of this initiative that will enable the region’s young people to find better jobs in an increasingly competitive world. “Today, there is a mismatch between what our education systems are producing and what the market is asking for”, noted Dr. Ghanem. Education is one of the most powerful tools for boosting economic growth, equality
and social cohesion.

To this end, the Islamic Development Bank and the World Bank announced their joint “Education for Competitiveness Initiative (E4C)” initiative. Comprised of three key pillars (learning, employment, and transformation), E4C supports countries improve their education and training policies to enhance economic growth, productivity, and social cohesion and inclusion. With the E4C initiative, the region’s youth will be equipped with the knowledge and skills to develop, prosper, and contribute to their
economies and societies.

“Under the E4C initiative, member countries will mobilize and pool global financial and human resources, sharing experiences and best practices to work together to build world-class education systems”, Dr. Ghanem explained.

The E4C initiative includes a comprehensive, holistic approach to education that spans from early childhood to university; emphasizes cognitive, non-cognitive and technical skills; focuses on the development of the person holistically in order to not only meet specific short-term needs of the labor market, but also the greater economic and social development of the country.

“Despite progress in the last 60 years, including the expansion of access to education, the quality of education remains the number one challenge for the region”, he said.

On his part, the President of the Islamic Development Bank Group Dr. Ahamad M. Ali, reiterated during the press conference after the lunch, that the “Education for Competitiveness “ complements last year’s initiative “ Education for Employment” which was signed between the World Bank and the IDB Group and he called upon the member countries to utilize this initiative.