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 Dh 184 million (USD 50 million) to the partnership. LLF aims to raise a total of USD 2.5 billion in concessionary loans to drive fundamental growth and elevate living standards for IDB’s member countries.
Entities designated as LLF’s founding members only include ADFD, IDB, ISFD, the Gates Foundation, King Salman Humanitarian and Relief Centre and Qatar Development Fund.
Mohammed Saif Al Suwaidi Director General of Abu Dhabi Fund for Development, 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”.
In addition, Al Suwaidi explained, “The UAE is a pioneering nation that funds regional and international initiatives; ADFD’ mission embodies that commitment. At ADFD, we aid developing nations reach their goals of socio-economic growth. Our most recent collaboration with IDB and in conjunction with the various other funds and entities along with an increasing number of partnerships across the world’s diverse demographics solidifies ADFD as the world’s partner for sustainable growth”.
Moreover, “ADFD’s dedication to assist nations achieve their full potential and LLF’s innovative financing methods will notch a considerable mark on the international scale to accomplish the global goal of sustainable development by 2030”.
Furthermore, 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; as this new cooperation stems from the UAE’s progressive leadership position to help developing countries achieve continuous advancements in all vital economic sectors.
Al-Madani went on to further elaborate that LLF operates a unique approach to development; moreover, it plays an indispensable role to fund majority share of development projects within nations in IDB’s member countries across the sectors of infrastructure, agriculture and healthcare.
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 78 countries, lending a supporting hand to nations in all corners of the world.
ADFD’s partners include a number of international development organisations; the World Bank, IMF, Asian Development Bank, Asian Infrastructure Development Fund, the GCC Coordination Group of development agencies, G20, OECD, EU, individual country funds, philanthropists, NGOs and the private sector.
It is also trailblazing partnerships with a number of organisations and regions in the world including the UN with IRENA on a revolutionary new $350m renewable energy financing facility and the funding body for the new UAE-Pacific Partnership Fund.