Unsustainable debt holding back education funding in developing countries, finds expert panel with EAA Foundation, World Bank and partners

(New York City, NY) September 19, 2023 – Debt, declining development aid, and lack of domestic funding are holding back efforts to achieve access to quality primary education for all children. This was one of the key takeaways from a high-level panel of finance experts held today by Education Above All (EAA) Foundation, a leading global
education foundation, in partnership with the World Bank, the Government of Sierra
Leone and the Islamic Development Bank.
Entitled “Roadblocks to Achieving SDG4: The Impact of Education Financing Gaps and
Lack of Domestic Resources on Reaching the SDG4 targets”, the panel discussion, held
at the Qatar Mission HQ in New York, was a key event in the margins of the United
Nations General Assembly.
Panellists included H.E. Mr Conrad Sackey, Ministry of Basic and Senior Secondary
Education of Sierra Leone, Dr Hiba Ahmed, Director General, ISFD, IsDB-ISFD, Dr Luis
Benveniste, Global Director for Education, World Bank, Dr Robert Jenkins, UNICEF,
Global Director, Education and Adolescent Development, and Mr. Thomas Beloe, Chief
of Programme at UNDP’s Sustainable Finance Hub. Mr Fahad Al Sulaiti, CEO Education
Above All Foundation hosted the group that was moderated by Dr Manos Antoninis,
Director of the Global Education Monitoring (GEM) Report.
Speakers stated that in order to support increased access to, and better quality
education, in low and lower-middle income countries, especially for those who have
been left the furthest behind, we have to be even more creative.
The session found a need to consider how to address the debt burden and find new,
innovative and creative ways to engage and harness local resources in addition to hard
money, include greater community participation in key aspects of education and better
leverage private sector investments in support of future economic outcomes as well as
finding greater efficiencies in how existing resources are utilised. Speakers proposed
innovative solutions to increase financing, such as improving efficiency and exploring
non-traditional funding sources.
Mr Fahad Al Sulaiti, CEO of Education Above All Foundation, said:
“We must urgently reverse the concerning and declining trend in education funding. The
COVID-19 crisis has not only disrupted children’s education, but also led two-thirds of low- and lower-middle-income countries to cut their public education budget. To add to this, education is receiving a reduced share of aid from donor countries.
“With an estimated annual USD$148 billion gap in financing needed to reach global
education targets by 2030 and achieve Sustainable Development Goal 4 on education. I
am hopeful that we can come together and innovate to secure more sources of funding to make sure every child, regardless of their circumstances, can access their right to education.”

About the Education Above All (EAA) Foundation
The Education Above All (EAA) Foundation is a global foundation established in 2012 by
Her Highness Sheikha Moza bint Nasser. EAA Foundation aims to transform lives
through education. We believe that education is the single most effective means of
reducing poverty, creating peaceful and just societies, unlocking the full potential of
every child and youth, and creating the right conditions to achieve Sustainable
Development Goals (SDGs).
Through our multi-sectoral approach, unique financing models, focus on innovation as a
tool for social good, and partnerships, we aim to bring hope and real opportunities to the
lives of impoverished and marginalised boys and girls.
EAA Foundation is comprised of the following programmes: Educate A Child (EAC), Al
Fakhoora, Reach Out To Asia (ROTA), Protect Education in Insecurity and Conflict
(PEIC), Innovation Development (ID) and Together project.