UAE Announces $50 Million Support For Lives And Livelihoods Fund 2.0
The United Arab Emirates (UAE) has announced a significant contribution of $50 million to the Lives and Livelihoods Fund 2.0 (LLF 2.0), reinforcing its commitment to combat poverty across Islamic Development Bank (IsDB) member countries. This initiative, managed by the Abu Dhabi Fund for Development (ADFD), marks the UAE's continued support, matching its initial $50 million donation since the LLF's inception in 2016. The fund is dedicated to enhancing health, agriculture, and social infrastructure in low- and lower-middle-income nations within the IsDB framework.
During the AVPN Global Conference 2024 held in Abu Dhabi, H.H. Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of the International Humanitarian and Philanthropic Council, underscored the UAE's dedication to fostering sustainable development worldwide. He highlighted the importance of collaborative efforts in achieving substantial progress. LLF 2.0 aims to support 32 member countries in their quest to meet 10 of the 17 Sustainable Development Goals, addressing critical issues such as poverty, food insecurity, and health disparities.
LLF 2.0 stands as a testament to international cooperation, with backing from prominent organizations including the IsDB, ADFD, the Bill and Melinda Gates Foundation, the Islamic Solidarity Fund for Development, the King Salman Relief Humanitarian Aid and Relief Centre, and the Qatar Fund for Development. This coalition has established LLF as the largest multilateral fund of its kind in the Middle East, designed to eliminate obstacles that hinder poverty-stricken communities from accessing essential resources.
The fund employs an innovative financing model that merges donor grants with IsDB's lending capital to offer concessional finance for pivotal development projects. Throughout its first phase, LLF has successfully allocated over $1.4 billion across 22 member countries, significantly benefiting smallholder farmers, enhancing healthcare services, and improving water and sanitation facilities. The second phase of LLF will focus on climate adaptation, empowering women and girls, and further anti-poverty measures.
Dr. Muhammad Al Jasser, President of IsDB, expressed his gratitude towards the UAE for its generous contribution and pivotal role in advancing human development across the poorest member countries. He lauded LLF's impact on vulnerable communities and its potential for broader achievements in socio-economic development through enhanced collaboration.
Launched in May 2023 with additional commitments from the Islamic Solidarity Fund for Development and the Gates Foundation, LLF 2.0 is poised to continue its mission of uplifting communities by addressing fundamental challenges that impede progress towards sustainable development goals.
With inputs from WAM
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