Sunday 26 September 2021

Dr Waleed Ahmad J Addas

LLF maintains projects pipeline despite pandemic

JEDDAH, Saudi Arabia, August 2, 2021

The Lives and Livelihoods Fund (LLF), a top multilateral development initiative, said in an operational update for 2021 that it has successfully maintained its pipeline of development projects since the onset of the Covid-19 pandemic.

During the first half of 2021, the Fund has continued to make progress on its 32 operations approved over the past five years and currently undergoing implementation across 21 member countries of the Islamic Development Bank (IsDB).

The Fund – which comprises the Islamic Development Bank (IsDB), Abu Dhabi Fund for Development, King Salman Humanitarian Aid and Relief Centre, Qatar Fund for Development, UK Foreign, Commonwealth & Development Office, Bill & Melinda Gates Foundation, and the Islamic Solidarity Fund for Development aims to break down the barriers that prevent individuals, organizations and governments in the lowest income countries from obtaining the resources they need to lift people out of poverty.

To date, it has approved more than $1.34 billion in funding targeting health, agriculture, and basic infrastructure where support is needed most, creating sustainable change for good for millions of world’s most disadvantaged people.

Dr Waleed Ahmad J Addas, Head of Lives and Livelihoods Fund, said:  “Our resolve to drive sustainable development has only become stronger in the face of the unprecedented challenges created by the coronavirus pandemic. In times of crisis, inequality grows and vulnerable communities can be left behind; by understanding this reality, the LLF adapted its projects for resilience against Covid-19 without compromising long-term development goals in health, agriculture, and basic infrastructure.”

“We have a strong ecosystem in place, from the innovative funding mechanism itself to our committed team of donors and implementing agencies, and everyone involved in this tremendous effort is extremely proud of how the LLF is helping to make the world a more equitable and sustainable place. “We are seeing excellent progress on the ground and expect the momentum on projects to be maintained going forward,” he added.

The LLF uses an innovative financing model that combines grants of the regional and international donors with the lending capital of IsDB to offer concessional loans. By blending grants with affordable loans, the LLF unlocks capital for those member countries and development sectors that would not normally be able to access a higher level of financing.

The blended financing does not merely address immediate needs but rather sets in motion fundamental change that can create opportunities for millions of disadvantaged people, especially women and the youth.

In March, the LLF held the ninth meeting of its Impact Committee during which it reviewed progress across the various projects. The Impact Committee’s members recognized the stewardship and contributions of the Committee’s outgoing chairman representing the Abu Dhabi Fund for Development, Ahmed Al Kalbani, before passing the chairmanship to Joe Cerrell, Managing Director at the Bill & Melinda Gates Foundation.

Joe Cerrell commented: “The challenges facing the world’s least developed countries are overwhelming, from endemic poverty to economic shocks, natural and man-made disasters; and communicable diseases.

“On behalf of the Bill & Melinda Gates Foundation, I am honoured to chair the Impact Committee and play my role in helping the Lives and Livelihoods Fund empower member countries to address both immediate and long-term challenges to the lives and livelihoods of their people.”

To further strengthen the Fund’s results and impacts, the Impact Committee adopted a Results-based Approach methodology to enhance the management of development projects through rigorous oversight and reporting of outputs, outcomes and impacts in a comprehensive and integrative manner. The best-practice approach is expected to maximize project results by maintaining agile and adaptive management of projects during their implementation. – TradeArabia News Service


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