- Seven development projects worth US$276 million approved over the past year
- Gates Foundation takes over chairmanship of the panel from ADFD
Abu Dhabi: The Impact Committee of the Lives and Livelihoods Fund (LLF) recently convened its fourth session virtually to review the implementation progress of the Fund’s projects approved over the past year and projects submitted for approval in 2020, as well as the LLF’s newly launched communications strategy. Abu Dhabi Fund for Development (ADFD) chaired the meeting.
The members of the committee welcomed the Bill & Melinda Gates Foundation, which took over the chairmanship of the Impact Committee from ADFD upon completion of its one-year tenure. The move follows the LLF Charter’s mandate to periodically rotate the chairmanship position among the donors to the Fund, which was launched in 2016 to help strengthen the economies of the 33 IsDB member nations, making it the largest multilateral development initiative of its kind in the region.
The participants in the meeting were briefed on the LLF’s achievements of the past year, when US$276 million were allocated to seven projects for seven partner countries that needed urgent support. This brings the total commitments since the launch of the Fund to US$1.54 billion for 29 projects in 22 beneficiary countries, as of December 2020.
His Excellency Mohamed Saif Al Suwaidi, Director General of ADFD, expressed his delight that the Fund under the chairmanship of ADFD could overcome the challenges of the pandemic to accomplish its commitment to expand LLF’s role while driving the economies in partner countries through financing strategic developmental projects. “In collaboration with other LLF donor, ADFD also bridged the financing gap in the health sector by raising the allocation to it by 51 per cent, in addition to supporting other strategic sectors so that the beneficiary countries could deal with the pandemic-induced challenges.”
In line with the strategy, LLF continued to expand its development efforts and work with its partners to help member countries meet their needs and achieve sustainable economic growth. The effort resulted in the Fund adding three new countries to its list of beneficiaries.
Ahmed Al Kalbani, who chaired the LLF Impact Committee on behalf of ADFD, complimented the donors for helping LLF expand the scope of its developmental work last year and overcome the hurdles created by the Covid-19 pandemic.
“Most projects are now in advanced stages of disbursement,” Mr Al Kalbani told the meeting. “Our success in improving socioeconomic conditions in IsDB member countries is a clear demonstration of our commitment and capacity to ensure the inclusivity and sustainability of growth in our partner nations.”
He pointed out that the Fund’s financing strategy had proven successful not only in mobilising significant financial resources for sustainable development programmes, but also in building technical capabilities and pushing for a new type of strategic partnership between regional and international development entities to eradicate poverty across regions and continents.
The committee members agreed that such multilateral development cooperation was the most effective way for development institutions to unify efforts, better manage resources and take collective measures to sustainably achieving economic growth, improve environmental safety and ensure security of societies around the world.
The LLF finances sustainable developmental projects in key sectors such as agriculture, health and basic infrastructure in IsDB member countries. Abu Dhabi Fund for Development joined the LLF in 2016 along with the Islamic Development Bank; the Bill & Melinda Gates Foundation; the United Kingdom’s Foreign, Commonwealth & Development Office; the Islamic Solidarity Fund for Development; the King Salman Humanitarian Aid and Relief Center; and Qatar Fund for Development.