Boris Johnson challenged the world's richest countries to prioritise the education of girls at the G7 opening session in Cornwall on Friday.
The British Prime Minister said a funding summit dedicated to building back schools and other educational infrastructure, particularly for girls, would be held next month.
To show the UK commitment to the cause, Mr Johnson pledged £430 million ($608m) of new development aid for the World Bank-backed Global Partnership for Education (GPE), which provides funds for schools across developing nations.
“It is a source of international shame that every day around the world children bursting with potential are denied the chance to become titans of industry, scientific pioneers or leaders in any field, purely because they are female, their parents’ income or the place they were born," Mr Johnson told his fellow leaders.
British officials hosting the conference said quality education for girls was central to the effort to recover from the Covid-19 pandemic.
With 1.6 billion children around the world out of school at the height of the global lockdowns, the pandemic worsened the problems preventing girls from accessing schools, particularly issues of poverty, child marriage and domestic violence.
Experts in developing world education welcomed the announcement but said it wasn't sufficient to close over the widening gap.
"The commitment to global education from the UK government is a welcome first step in the right direction - but doesn't go far enough, especially as it comes against a backdrop of savage cuts to the international aid budget which will push the world's poorest people further to the margins," said Sarah Brown, the chair of the global charity Theirworld. "The funding is a drop in the ocean compared to the scale of the global education crisis - with these three pledges representing just 0.33% of the $75 billion per year needed from donors to close the global education funding gap."
According to a Theirworld report the global education need is $75 billion a year to meet the United Nations’ goal of quality education for every child by 2030. Current aid to education is just $16 billion a year, and is projected to fall, leaving an education funding gap of at least $59 billion a year, it said.
The GPE claims to have contributed to a massive expansion of primary and lower secondary schooling, getting 160 million more children into classrooms since it was founded in 2002. "In countries where GPE works the number of girls enrolling in school has increased by 65 per cent," a statement said.
The July Global Education Summit is co-hosted by Kenya and has a target of raising $5 billion to support the work of the GPE over the next five years. The G7 leaders endorsed an agreement among the foreign ministers in May to get 40 million more girls into school and 20 million more girls reading by the age of 10 in the next five years.
Officials said the European Commission pledged €700m and Italy offered €25m ($30m) before the summit.
The officials said that ultimately every girl in the world should received 12 years of quality education. There is a generational impact of improving access as a child whose mother can read is twice as likely to go to school themselves and 50 per cent more likely to be immunised. With just one additional school year, a woman’s earnings can increase by a fifth, the statement added.
With the additional resources it seeks, the GPE hopes to train 2.2 million more teachers, build 78,000 new classrooms and buy 512 million textbooks.
A British government panel, the Gender Equality Advisory Council, issued a report for the G7 meeting which backed the drive to support education for girls.
"A pandemic response and recovery that takes account of the needs of women and girls, and tracks the effect of recovery initiatives on men and women, taking into account factors such as age, income, disability and ethnicity," the report recommended.
"At least 12 years of gender-transformative education for all, building on G7 Foreign and Development Ministers’ commitments on girls’ education and, domestically, supporting schools to implement gender-responsive policies to benefit girls’ physical and mental wellbeing."
The Way It Was: My Life with Frank Sinatra by Eliot Weisman and Jennifer Valoppi
Hachette Books
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
'C'mon C'mon'
Director:Mike Mills
Stars:Joaquin Phoenix, Gaby Hoffmann, Woody Norman
Rating: 4/5
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
The Dictionary of Animal Languages
Heidi Sopinka
Scribe
Veil (Object Lessons)
Rafia Zakaria
Bloomsbury Academic
UAE%20FIXTURES
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The specs
Price, base / as tested Dh100,000 (estimate)
Engine 2.4L four-cylinder
Gearbox Nine-speed automatic
Power 184bhp at 6,400rpm
Torque 237Nm at 3,900rpm
Fuel economy, combined 9.4L/100km
The%20specs
%3Cp%3E%3Cstrong%3EPowertrain%3A%20%3C%2Fstrong%3ESingle%20electric%20motor%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E201hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E310Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E53kWh%20lithium-ion%20battery%20pack%20(GS%20base%20model)%3B%2070kWh%20battery%20pack%20(GF)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E350km%20(GS)%3B%20480km%20(GF)%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C900%20(GS)%3B%20Dh149%2C000%20(GF)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
More from Rashmee Roshan Lall
How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
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%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3EPOPC%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2022%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EAmna%20Aijaz%2C%20Haroon%20Tahir%20and%20Arafat%20Ali%20Khan%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3Eart%20and%20e-commerce%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%20u%3C%2Fstrong%3Endisclosed%20amount%20raised%20through%20Waverider%20Entertainment%3C%2Fp%3E%0A
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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The schedule
December 5 - 23: Shooting competition, Al Dhafra Shooting Club
December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq
December 11 - 20: Dates competition, from 4pm
December 12 - 20: Sour milk competition
December 13: Falcon beauty competition
December 14 and 20: Saluki races
December 15: Arabian horse races, from 4pm
December 16 - 19: Falconry competition
December 18: Camel milk competition, from 7.30 - 9.30 am
December 20 and 21: Sheep beauty competition, from 10am
December 22: The best herd of 30 camels