Under the theme “Innovative Finance… A Prosperous Economy,” the Islamic World Educational, Scientific, and Cultural Organization (ICESCO) held its 3rd Consultative Meeting on Tuesday, 25 February 2025, in Tunis. The meeting was organized in collaboration with Tunisia’s Ministry of Education and the United Nations Children’s Fund (UNICEF) office in Tunisia, on the sidelines of the 45th session of ICESCO’s Executive Council.

The high-level meeting brought together ministers, experts, and representatives from ICESCO Member States and international organizations to discuss the most effective ways to mobilize sustainable and innovative financing. The discussions also focused on aligning ICESCO’s projects with the global landscape to enhance development within its Member States.

The opening session, moderated by Mr. Mohamed Hedi Shili, Head of ICESCO’s Department of Legal Affairs and International Standards, began with remarks by Mr. Noureddine Nouri, Tunisian Minister of Education. He welcomed the attendees and stressed the significance of Tunisia hosting ICESCO’s Consultative Meeting as part of the country’s belonging to the Islamic world and its commitment to supporting ICESCO’s pioneering efforts in education, science, and culture. He added that this session holds great importance due to the anticipated outcomes and decisions that will strengthen ICESCO’s work and impact in promoting comprehensive development.

For his part, Mr. Michel Le Pechoux, UNICEF’s representative in Tunisia, highlighted the importance of protecting children’s right to education and ensuring their empowerment through learning. He further emphasized the crucial role played by both UNICEF and ICESCO in advancing educational programs that target the most vulnerable groups and underscored the need to develop sustainable financing mechanisms to guarantee continued support for children’s education.

Dr. Salim M. AlMalik, ICESCO Director-General, expressed his sincere gratitude to His Excellency President Kaïs Saïed for his generous patronage of both the 3rd Consultative Meeting and the 45th session of ICESCO’s Executive Council. He praised Tunisia’s commitment to advancing the Organization’s work in its various fields.

Dr. AlMalik outlined three key objectives of the consultative meeting:
• Strengthening ICESCO’s relationship with its Member States through consultation, cooperation, and friendship.
• Engaging Member States in shaping ICESCO’s updated vision by incorporating their insights.
• Exploring and developing new financing mechanisms to support ICESCO’s initiatives.
He highlighted ICESCO’s efforts in securing alternative sources of funding beyond its core budget, enabling the Organization to implement numerous activities and programs.

Following the opening session, an in-depth discussion was held on inclusive education, featuring experts from ICESCO, Tunisia’s Ministry of Education, and UNICEF. Participants exchanged experiences on promoting equity and inclusion in education across ICESCO’s Member States and explored policies and strategies to ensure that all children are integrated into the education system. UNICEF also presented its plan, demonstrating how equity-driven policies can enhance education quality.

Additionally, Dr. Sally Mabrouk, Director of the ICESCO Director-General’s Office, chaired a session titled “Innovation in Financing: A Driver for Sustainable Economic Growth.” During this session, Mr. Anar Karimov, Head of Partnerships and International Cooperation at ICESCO, presented the key themes of the Consultative Meeting and outlined five strategies aimed at enhancing financing, identifying innovative approaches to diversify funding sources, and effectively implementing these initiatives.

Dr. Ashraf El Araby, Secretary-General of the Arab Society for Economic Research (ASFER), also gave a presentation titled “Enhancing Sustainable Finance: Exploring Innovative Mechanisms for Strategic Growth.” He emphasized the importance of strengthening innovative financing mechanisms to ensure sustainable development and contribute to achieving strategic objectives. He also discussed the challenges associated with financing, the need to increase public spending, and developing technological infrastructure through collaboration among governments, international organizations, and both the public and private sectors.

The meeting concluded with five working groups discussing the five financing strategies, namely:
• Crowdfunding
• Endowment Funds (Waqf)
• Impact Investment Funds
• Public-Private Partnerships (PPP)
• Green Bonds

The groups explored and developed innovative ideas and initiatives, which were then presented to a jury panel in charge of selecting and refining the best proposals. These selected ideas will be incorporated into ICESCO’s innovation strategy to drive sustainable financing solutions.