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Mohamed Saif Al Suwaidi

UAE backs development fund with $50 million

ABU DHABI, 25 days ago

The UAE has committed $50 million to the second phase of the Lives and Livelihoods Fund 2.0 (LLF 2.0), a major multi-donor development initiative that supports Islamic Development Bank (IsDB) member countries in building sustainable pathways to lift millions out of poverty.

The funding will be deployed by LLF 2.0 in support of critical projects in health and infectious diseases, agriculture, and social infrastructure in low and lower-middle income IsDB member countries.

In addition to targeting root causes of poverty, food insecurity, and poor health outcomes, the investments aim to support 32 member countries to achieve 10 of the 17 Sustainable Development Goals (SDGs).

The financing will be administered by the Abu Dhabi Fund for Development (ADFD) and is in addition to the $50 million the UAE has contributed to the LLF since its launch in 2016.

The announcement was made during the AVPN Global Conference 2024 in Abu Dhabi, in the presence of Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of the International Humanitarian and Philanthropic Council.

Sheikh Theyab said the funding emphasized the UAE’s commitment to working with partners to uplift countries and communities worldwide.

“Under the leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, we are committed to supporting sustainable development solutions that save and improve lives, drive equitable economic growth, and enable countries to thrive.

“Through this partnership, the UAE furthers its efforts to alleviate poverty and to support countries in building resilient futures.”

Established in 2016, LLF is a joint vision of the Islamic Development Bank, and the Abu Dhabi Fund for Development, the Bill & Melinda Gates Foundation, the Islamic Solidarity Fund for Development, the King Salman Relief Humanitarian Aid and Relief Centre, and the Qatar Fund for Development.

Mohamed Saif Al Suwaidi, Director General, Abu Dhabi Fund for Development, said: “LLF’s ongoing efforts to promote global wellbeing and stability in IsDB member countries reflects the UAE leadership’s commitment to supporting efforts to promote global prosperity and equality.

“Through LLF 2.0, we will focus on climate-smart agriculture, primary care, underfunded social services, and infrastructure investment. Our blended finance model increases access to concessional financing to bridge investment gaps in meeting Sustainable Development Goals. LLF 2.0 will also optimize its anti-poverty focus, setting grant portions to enhance stability and transparency.”

The fund in its first phase invested over $1.4 billion across 22 IsDB member countries, enabling more than 3 million smallholder farmers to improve their productivity and livelihoods, providing access to quality healthcare for 12.5 million women and children, and is set to provide over 7.5 million people with better water and sanitation facilities.

LLF 2.0 will put greater emphasis on climate adaptation efforts and the empowerment of women and girls, in recognition that climate change and gender inequality disproportionately impact the most vulnerable.

Dr Muhammad Al Jasser, President of IsDB, said: “We are deeply grateful for the UAE's longstanding support. Their initial role in establishing the LLF in 2016, combined with their continued generosity, has been instrumental in fostering human development in our poorest member countries.

“The LLF provides vital support for vulnerable groups, particularly women and children, empowering them to escape poverty and reach their full potential.” – TradeArabia News Service

 

 




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