ABU DHABI, 2nd October, 2016 (WAM) The Abu Dhabi Fund for Development (ADFD) signed an agreement with the Islamic Development Bank (IDB) to become a founding member of the Lives and Livelihoods Fund (LLF).

The agreement was signed on Sunday in Jeddah, Saudi Arabia.

LLF was created as a joint initiative between IDB, in collaboration with the Islamic Solidarity Fund for Development (ISFD) and the Bill and Melinda Gates Foundation.

ADFD officials announced they would contribute an estimated AED 184 million (USD 50 million) to the partnership. LLF seeks to raise USD 2.5 billion in concessionary loans to drive fundamental growth and elevate living standards for IDBs member countries.

Entities designated as LLFs founding members include ADFD, IDB, the Islamic Solidarity Fund for Development (ISFD), the Gates Foundation, King Salman Humanitarian and Relief Centre and Qatar Development Fund.

At the signing, Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development, noted, "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; being 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; the ADFD mission embodies that commitment. At ADFD, we aid developing nations in reaching their goals of socio-economic growth. Our most recent collaboration with IDB, and in conjunction with various other funds and entities, along with an increasing number of partnerships across the worlds diverse demographics, solidifies ADFD as the worlds partner for sustainable growth".

Moreover, "ADFDs dedication to assist nations in reaching their full potential, and LLFs innovative financing methods, will notch a considerable mark on the international scale to accomplish the global goal of sustainable development by 2030".

Dr. Ahmad Mohamed Ali Al-Madani, President of Islamic Development Bank Group, said that ADFD and its contribution to LLF comes as no surprise, as this new cooperation stems from the UAEs progressive leadership, in helping 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 the majority share of development projects within nations in IDBs member countries across the sectors of infrastructure, agriculture and healthcare.

ADFD, established in 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.

ADFDs partners are made up of a number of international development organisations, including 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 between the UN and IRENA on a revolutionary new $350m renewable energy financing facility, and the funding body for the new UAE-Pacific Partnership Fund.

Copyright Emirates News Agency (WAM) 2016.