Abu Dhabi Fund Chairs LLF Meeting, Stresses Need to Bridge Financing Gap in Developing Nations

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Abu Dhabi: The Higher Committee of the Living and Livelihoods Fund (LLF) virtually held its eighth annual meeting under the chairmanship of Abu Dhabi Fund for Development (ADFD), which was represented by Ahmed Al Kalbani, Chief Economist at ADFD.

The participants of the meeting included donor partners of Islamic Development Bank (IsDB) that launched the US$2.5 billion LLF in 2016 to strengthen the economies of the poorer IsDB member nations, making it the largest development initiative of its kind in the Middle East as well as among 33 of the bank’s member states. Abu Dhabi Fund is a founding member of LLF.

The participants reviewed implementation and progress of the projects that had been approved in the past four years, projects submitted for approval in 2020, the budget for 2021, as well as LLF’s communications strategy.

Expressing satisfaction over the outcome of the meeting , His Excellency Muhammed Saif Al Suwaidi, Director General of ADFD, said: “The Fund actively contributed to the Lives and Livelihoods Fund as it worked to bridge financing gaps and support innovative and sustainable projects to stimulate economies of developing countries that are members of the Islamic Development Bank.”

HE Al Suawaidi stressed that, in line with its strategy the Fund that is a founding member of LLF, ADFD would continue to expand its development efforts and work jointly to help member countries to meet their developmental needs and achieve sustainable economic growth.

Ahmed Al Kalbani thanked the members for joining the meeting under the exceptional circumstances induced by the COVID-19 pandemic.

“The meeting provided a real impetus for us to unify our efforts and continue with what we have been doing to address the challenges facing the IsDB member countries through financing development projects that contribute to their sustainable development goals,” he said.

He pointed out that such multilateral development cooperation was the best way for development institutions such as ADFD to manage resources and effectively implement measures to help countries achieve economic growth.

The Livelihoods Fund aims to finance sustainable projects in key sectors such as agriculture, health and infrastructure in IsDB members countries. Since 2016, Abu Dhabi Fund for Development contributed about AED184 million (US$50 million) to LLF, whose members include Bill and Melinda Gates Foundation; UK Foreign, Commonwealth & Development Office; Islamic Solidarity Fund for Development; King Salman Humanitarian Aid and Relief Centre and Qatar Fund for Development (QFFD), besides ADFD.