The funding challenges facing education systems were examined today at the World Innovation Summit for Education – WISE. With the impact of the international downturn generating widespread concern, over 1,200 delegates attending the global summit discussed how best to address and overcome such difficulties.
Mrs Irina Bokova, Director-General, UNESCO, told the WISE Summit that “business as usual is not working. Aid disbursements to basic education have stopped increasing for the first time since 2000 – stagnating at US$4.7bn in 2008. Education is the way to invest out of the economic crisis. We must explore tangible proposals for innovative financing as decisions we take now will lay the foundations for the century ahead. In this light, the starting point must be to demonstrate that education plays a central role in employment creation, income generation and poverty reduction. Quality education also promotes better health, democratic participation, gender equality and environmental sustainability.”
Mr Steen Jorgenson, World Bank Sector Director said: “The way ahead will entail a shift in focus. Where the emphasis had typically been placed on an engineering approach to reform such as building more schools, training more teachers – now, incentives to better align inputs and performance with results and accountability are to be given priority. Innovative financing clearly has a role to play in this shift.”
The three fundamental principles for funding the education sector raised at the global summit were:
• Protection of education budgets: It will be critical for national governments to protect their education budgets and invest in education as a solution to economic uncertainty.
• Value for money: Educators must demonstrate that education is vital for economic recovery and that investment in education will result in a substantial return through increased employment and poverty reduction.
• Future financing: Education requires innovative financing to secure the long term future and viability of projects. Innovative financing of education must happen in two ways: funds should be raised innovatively and they should be disbursed in innovative ways.
Regarding the future financing of education, Mrs Bokova cited the Leading Group on Innovative Financing for Development’s Task Force on Education, which identified a tax on international financial transactions – a 0.005 per cent on transactions between four major currencies could raise US$30bn a year. Local currency education bonds, an education venture fund, debt swaps for education, public-private partnerships, and micro-donations from bank transactions were also identified as viable financing mechanisms which could be implemented without great difficulty.
WISE 2010 brings together leading thinkers and practitioners from academic institutions, the public sector, international organisations, private corporations and the voluntary sector from over 100 countries with the aim of raising the status of education as a topical world issue, seeking new ways to improve both access and quality, and inspiring practical initiatives which will make a real difference to the lives of people across the globe.
ABOUT the World Innovation Summit for Education - WISE
WISE is a global collaborative initiative established by Qatar Foundation under the patronage of Her Highness Sheikha Moza Bint Nasser. WISE was launched with a mission to address the urgent challenges and powerful economic, demographic and technological pressures facing 21st-century education. The annual WISE Summit brings together eminent decision-makers and thought-leaders from multiple sectors to generate dialogue, seek innovative solutions, raise awareness of the importance of learning and inspire actions which will make a real difference to the lives of people across the globe. WISE is a year-round platform and forum for the sharing of experience and best practices. Qatar Foundation’s partners in WISE are currently: Agence universitaire de la Francophonie (AUF), the Association of Commonwealth Universities (ACU), the Institute of International Education (IIE), the International Association of University Presidents (IAUP), RAND Corporation and the United Nations Educational, Scientific and Cultural Organization (UNESCO). The WISE 2010 Summit takes place in Doha, Qatar, from December 7th-9th 2010. Full details on the WISE website: www.wise-qatar.org
About Qatar Foundation for Eduation, Science and Community Development
Founded in 1995 by decree of His Highness Sheikh Hamad Bin Khalifa Al Thani, Emir of Qatar, Qatar Foundation is a non-profit organization focusing on education, scientific research and community development. Under Qatar Foundation’s umbrella are Education City, which comprises elite universities, several academic and training programs and Qatar Science and Technology Park, which boasts more than twenty-one world-class companies involved in scientific research and development. Chaired by Her Highness Sheikha Moza Bint Nasser, Qatar Foundation also aims to enhance lives through community development initiatives including Doha Debates, Reach out To Asia and Al Jazeera Children’s Channel. Joint venture partnerships in the areas of design, ICT, telecommunications, policy studies and event management contribute to fulfilling the objectives of the Qatar Foundation. For more information, please visit: www.qf.org.qa