The Islamic Development Bank, Abu Dhabi Fund for Development, the Bill & Melinda Gates Foundation & Partners have pledged to commit US$219 million in humanitarian aid for a total of 37 projects in Nigeria and other 21 IsDB member countries through the Lives and Livelihoods Fund 2.0 (LLF 2.0).
The disclosure was made during the Charter Signing Ceremony at the IsDB Annual General Meeting in Riyadh which was presided over by the President and Group Chairman of the Bank, H.E. Dr. Muhammad Al Jasser.
Speaking at the ceremony, Al Jaseer said, “Today, we stand at a pivotal moment as we gather to pledge robust support for the Lives and Livelihoods Fund 2.0. Since its launch in May last year, our focus has been on securing the necessary resources for this next phase of the Fund. Now, we are ready to commit a total of US$219 million in grant funds, complemented by up to US$325 million in concessional loans from the IsDB. I extend sincere thanks to our partners for their generous contributions. Each pledge you make attests to your trust in the LLF and its potential to enact real change.”
Also speaking during the ceremony, the co-chair of the Bill and Melinda Gates Foundation, Mr. Bill Gates, said the foundation was proud to partner with IsDB and other countries who built the fund, adding that their goal was to build new multilateral financing mechanism to improve agriculture, healthcare and other critical sectors across the 30 member countries of the Bank.
“Eight years ago, our foundation was proud to partner with the Islamic Development Bank and the countries who jointly built the Fund – Saudi Arabia, the United Arab Emirates, and Qatar. Our goal was to build a new multilateral financing mechanism—something that could fund efforts to improve everything from agriculture, to healthcare, to better sanitation across more than 30 member countries of the Bank. It’s great to see the Lives and Livelihoods Fund succeed in those efforts,” Mr. Bill Gates said.
Funded by global coalition of different partners including Abu Dhabi Fund for Development, the Bill & Melinda Gates Foundation, the Islamic Development Banks, the Islamic Solidarity Fund for Development, among others, the Lives and Livelihoods Fund is the largest development initiative in the Middle East that seeks to alleviate poverty across the 33 IsDB member countries.
