Abu Dhabi Fund chairs LLF meeting, stresses need to bridge financing gap in developing nations

The participants reviewed the implementation and progress of the projects approved in the past four years

  

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

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

Expressing satisfaction over the outcome of the meeting, Mohammed 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." Al Suwaidi stated that in line with the Fund’s strategy, it 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 in these 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 IsDB member countries, by 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 the 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 member countries. Since 2016, the ADFD has contributed about AED184 million ($50 million) to LLF, whose members include the Bill and Melinda Gates Foundation; the United Kingdom Foreign, Commonwealth & Development Office; Islamic Solidarity Fund for Development; and King Salman Humanitarian Aid and Relief Centre.

© Copyright Emirates News Agency (WAM) 2020.

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