Helps unlock $2.5 billion of financing for the poorest member countries of the Organization of Islamic Cooperation (OIC)

  • Alongside investments from the Bill & Melinda Gates Foundation, Islamic Development Bank and others, this investment helps unlock $2.5 billion of financing for the world's poorest OIC member countries in a groundbreaking new fund

  • The Lives and Livelihoods Fund is a joint project between the Islamic Development Bank in collaboration with its poverty reduction arm, the ISFD (Islamic Solidarity Fund for Development), and the Bill and Melinda Gates Foundation, with an aim to improve the lives of millions

  • The donation will be channeled into pro-poor investments in health, agriculture, and infrastructure in low-income countries across OIC

Doha, 13 April 2016

Qatar Development Fund, the Qatari public organization mandated to coordinate and implement foreign development assistance on behalf of the State of Qatar, has today committed $50 million to the Lives and Livelihoods Fund. This is a $2.5 billion fund developed in partnership between the Islamic Development Bank in collaboration with the ISFD and the Bill & Melinda Gates Foundation. The Lives & Livelihoods Fund will provide affordable financing for the 30 least developed countries in the Islamic Development Bank's membership.

The donation was signed by His Excellency Khalifa bin Jassim Al Kuwari, Director General of the Qatar Development Fund, Dr. Ahmad Mohamed Ali Al Madani, President of the Islamic Development Bank, and Bill Gates, co-chair of the Bill and Melinda Gates Foundation. The signing ceremony was attended by Sultan Saad Al Muraikhi, Assistant Minister for Foreign Affairs.

His Excellency Khalifa bin Jassim Al Kuwari, Director General of the Qatar Development Fund, said:

"We are honored to contribute to such an innovative and pioneering project that will lift millions of lives out of poverty in the countries that need it most. The concessional finance behind the Lives and Livelihoods Fund enables us to maximize the impact of our donation. We aim at launching several projects in the health sector, which will improve the quality of life for millions of people across the Muslim world."

IDB President Dr. Al Madani said:

"The Lives and Livelihood Fund, an innovative means of development financing, will unlock a sizeable quantum of much needed access to finance, especially for the poorer segments of IDB Member Countries. Qatar's timely intervention will certainly augment our combined efforts to deal with the scourge of poverty for those who need it most and therefore, we applaud this effort and call for others to join us in this noble effort of fighting poverty and restoring dignity."

Bill Gates, co-chair of the Bill & Melinda Gates Foundation, said:

"The Qatar Development Fund plays an important role in development across the Middle East, and its donation to the Lives and Livelihoods Fund is a welcome sign of Qatar's leadership in improving conditions for the poorest people in the region through investments in health, agriculture and infrastructure."

The Lives and Livelihoods Fund will provide up to US$2.5 billion in affordable financing for the 30 least developed countries in the Islamic Development Bank's membership. Projects funded by the Lives and Livelihoods Fund will target support to the poorest people, by focusing on improving health, increasing agricultural productivity, and building basic infrastructure. Through these investments, the Lives and Livelihoods Fund is providing the stepping-stones for prosperity and self-reliance in the Muslim world.

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About the Qatar Development Fund
The Qatar Development Fund is a Qatari public organization established and organized pursuant to Law Number 19 of 2002 as amended, and officially mandated to coordinate and implement foreign development assistance on behalf of the State of Qatar. The Qatar Development Fund has provided foreign assistance to several countries worldwide targeting a variety of sector needs, including education, health, and economic development. The Qatar Development Fund is committed to delivering aid through bilateral and multilateral channels in compliance with best practices.

About the Islamic Development Bank
The Islamic Development Bank is a multilateral development institution, established in July 1975 with Headquarters in Jeddah, Saudi Arabia. The IDB provides Shari'ah-compatible funding and technical assistance to its (56) member countries and in line with its overall objective of fostering economic development and social progress, it finances projects and programs in both public and private sectors in member countries by investing in economic and social infrastructure, providing technical assistance, and promoting foreign trade. The IDB also assists Muslim communities in non-member countries and undertakes research studies in Islamic economics and banking. For more information, visit www.isdb.org

About the Bill and Melinda Gates Foundation
Guided by the belief that every life has equal value, the Bill & Melinda Gates Foundation works to help all people lead healthy, productive lives. In developing countries, it focuses on improving people's health and giving them the chance to lift themselves out of hunger and extreme poverty. In the United States, it seeks to ensure that all people--especially those with the fewest resources--have access to the opportunities they need to succeed in school and life. Based in Seattle, Washington, the foundation is led by CEO Sue Desmond-Hellmann and Co-chair William H. Gates Sr., under the direction of Bill and Melinda Gates and Warren Buffett. You can find out more at www.gatesfoundation.org

© Press Release 2016