The UAE has committed $50 million to a major multi-donor initiative that seeks to lift millions out of poverty.
It will be the second phase of the Lives and Livelihoods Fund 2.0 (LLF 2.0), a development drive for Islamic Development Bank (IsDB) member countries.
LLF 2.0 will deploy the funding to support 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 in achieving 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 on Tuesday during the AVPN Global Conference 2024 in Abu Dhabi.
Sheikh Te’ab bin Mohammed bin Zayed Al Nahyan, Chairman of the International Humanitarian Council, said the funding supports the UAE’s commitment to working with partners to strengthen countries and communities around the world. He said this emphasizes the efforts being made.
“Under the leadership of President Sheikh Mohammed, we are committed to supporting sustainable development solutions that save and improve lives, promote equitable economic growth, and enable countries to prosper.” Through this partnership, the UAE is furthering its efforts towards poverty alleviation and improvement, and said: “We are helping countries build a resilient future.”
What is LLF?
LLF was founded in 2016 and is the shared vision of the Islamic Development Bank, Abu Dhabi Development Fund, Bill & Melinda Gates Foundation, Islamic Solidarity and Development Fund, King Salman Relief Humanitarian Aid and Relief Center, and Qatar Development Fund. .
LLF is the largest multilateral fund of its kind in the Middle East, and is dedicated to helping individuals, organizations and governments in low-income countries access the resources they need to thrive and escape poverty. We are focused on breaking the.
To achieve this, the Fund uses an innovative financing model that combines donor grants with IsDB loan capital to provide concessional financing to urgently needed development projects. Masu. This contributes to sustainable economic growth for countries and, in turn, helps lift the most vulnerable out of poverty.
Mohamed Saif Al Suwaidi, Executive Director of Abu Dhabi Fund for Development, said: “Through LLF 2.0, we will focus on climate-smart agriculture, basic services, underfunded social services and infrastructure investment.
“I will.” Our blended financing model improves access to concessional financing to address investment gaps to achieve the Sustainable Development Goals. LLF 2.0 also sets subsidy allocation to optimize focus on poverty alleviation and improve stability and transparency.
The fund will invest more than $1.4 billion in its first phase in 22 IsDB member countries, enabling agricultural improvements for more than 3 million smallholder farmers. ” contributing to increased productivity and livelihoods, providing access to quality health care for 12.5 million women and children, and better water and sanitation for more than 7.5 million people.
LLF 2.0 will focus on climate adaptation efforts and the empowerment of women and girls. Recognize 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.”
LLF 2.0 was launched in May 2023. At the launch, the Islamic Solidarity Fund for Development committed $150 million to the Fund, while the Gates Foundation announced its commitment to pledge 20 percent of the total granted by donors to the LLF, up to $100 million.