Abu Dhabi Fund for Development Becomes a Founding Member at Lives and Livelihoods Fund
Jeddah, 29 Sep 2016
In Jeddah, Abu Dhabi Fund for Development (ADFD) signed a founders’ agreement with Islamic Development Bank (IDB) to become a founding member at the Lives and Livelihoods Fund (LLF). LLF was initiated by a joint initiative between IDB in collaboration with the Islamic Solidarity Fund for Development (ISFD) and the Bill and Melinda Gates Foundation. In a welcomed venture, ADFD contributes an estimated AED 184 million (USD 50 million) to the partnership. LLF aims to raise a total of USD 2.5 billion in concessionary loans to fight poverty in IDB’s member countries.
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Entities designated as LLF’s ‘founding members’ only include IDB, ISFD, the Gates Foundation, King Salman Humanitarian and Relief Centre, Qatar Development Fund and ADFD-a newly minted partner.
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H.E. Mohammed Saif Al Suwaidi said, “Our new endowment to the Lives and Livelihood Fund is our most recent endeavour to translate the policy of the Government of the United Arab Emirates; a policy to lead an active global role in the financial contribution of growth and expansive projects for developing nations”.
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In addition, H.E. Al Suwaidi explained, “The UAE is a pioneering nation to fund regional and international initiatives that assist developing nations reach their goals of socio-economic growth”.
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Furthermore, H.E. Dr. Ahmad Mohamed Ali Al-Madani, President of Islamic Development Bank Group added that ADFD and its meaningful contribution to LLF comes as no surprise; due to the UAE’s progressive leadership position to help poor countries achieve continuous growth in all key economic sectors.
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H.E. Al-Madani went on to further elaborate that LLF operates a unique approach to development; moreover, it plays an indispensable role that funds the poorest nations in IDB’s member countries within the sectors of infrastructure, agriculture and healthcare.
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ADFD, established 1971, is the development arm of the Government of the UAE. It provides concessionary loans, funds government grants and diversifies its portfolio of investments in over 80 countries, lending a supporting hand to nations that need it the most.
