Islamic Development Bank, Abu Dhabi Fund for Development, the Bill & Melinda Gates Foundation & Partners Pledge New Support of US$ 219 million to the Lives and Livelihoods Fund
In a significant development for global development efforts, Riyadh, the capital of the Kingdom of Saudi Arabia, witnessed the joint announcement by four global development partners pledging an additional US$ 219 million in donor support for a total of 37 projects across 22 member countries of the Islamic Development Bank (IsDB) through the Lives and Livelihoods Fund 2.0 (LLF 2.0). The announcement unfolded during the Charter Signing Ceremony at the IsDB Annual General Meetings.
The event, presided over by IsDB President and Group Chairman, H.E. Dr. Muhammed Al Jasser, saw the participation of prominent heads of the contributing donor agencies, including H.E. Mr. Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD), Mr. Bill Gates, Co-Chair of the Bill & Melinda Gates Foundation (BMGF), and H.E. Dr. Abdullah Al Rabeah, Supervisor General of King Salman Humanitarian Aid & Relief Centre (KSrelief).
This announcement closely follows the commitment of US$ 50 million by the UAE to LLF 2.0 through ADFD, declared during the AVPN conference held in Abu Dhabi.
Speaking at the ceremony, H.E. Dr. Al Jasser underscored the significance of the moment, highlighting the robust support for LLF 2.0. He expressed gratitude to the partners for their generous contributions, emphasizing the potential of LLF to bring about real change.
H.E. Mr. Al Suwaidi emphasized the UAE's commitment to sustainable development, stating that their investment in LLF 2.0 aims to address pressing issues faced by the developing world, ensuring that vulnerable communities are not left behind.
Mr. Bill Gates, co-chair of the BMGF, reflected on the foundation's partnership with IsDB, commending the success of the Lives and Livelihoods Fund in funding efforts to improve various sectors across member countries.
Last year, IsDB pledged US$ 50 million through the Islamic Solidarity Fund, with the BMGF offering a 20% match of total funding up to US$ 150 million.
The joint communique issued by all partners highlighted the escalating impacts of climate change, conflicts, and economic instability in some of the poorest member countries of IsDB, necessitating a cohesive and coordinated donor response.
The Lives and Livelihoods Fund, a US$ 2.5 billion development initiative launched in 2016, aims to lift the poorest out of poverty across 33 IsDB member countries by addressing nine Sustainable Development Goals (SDGs) through projects in health, agriculture, and basic infrastructure.
With US$ 1.5 billion already invested in 22 member countries, the renewed pledges demonstrate a commitment to international cooperation, aiming to provide financial assistance for inclusive human capital development.
Utilizing a blended finance approach, LLF 2.0 aims to leverage concessional financing to bridge the SDG financing gap, promoting equitable expansion of fund investments and optimizing resources for high-impact sectors.
The collaborative efforts of LLF 2.0 seek to empower vulnerable groups, particularly women, to overcome poverty through strategic social investments.
