UAE Pledges US$50 Million to Lives and Livelihoods Fund 2.0

The UAE has committed US$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 the Islamic Development Bank (IsDB) member countries in building sustainable pathways to lift millions out of poverty.

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 UAE pledges additional funding to the Lives and Livelihoods Fund (LLF) via the Abu Dhabi Fund for Development (ADFD), totaling more than US$50 million since 2016. The announcement was made during the AVPN Global Conference 2024, reaffirming the UAE's commitment to global development. Sheikh Theyab bin Mohamed bin Zayed Al Nahyan highlighted the UAE's dedication to collaborative efforts for sustainable development, echoing the leadership's vision. LLF, established in 2016, combines resources from various organizations to provide concessional finance for development projects, aiming to alleviate poverty and promote economic growth in low-income countries.

Mohamed Saif Al Suwaidi, Director-General of the Abu Dhabi Fund for Development, outlines LLF 2.0's focus on climate-smart agriculture, healthcare, social services, and infrastructure. LLF's first phase invested over US$1.4 billion in 22 IsDB member countries, benefiting millions. LLF 2.0 will prioritize climate adaptation and women's empowerment.

Dr. Muhammad Al Jasser, President of IsDB, acknowledges the UAE's crucial support, emphasizing LLF's impact on vulnerable groups. He highlights collaboration's importance in achieving socio-economic development goals. Dr. Al Jasser underscores the significance of partnership in overcoming challenges and advancing development objectives.

LLF 2.0 was launched in May 2023. At the launch, the Islamic Solidarity Fund for Development committed US$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 US$100 million.

News Source: Emirates News Agency