UAE Commits $50 Million to Lift Millions Out of Poverty: Launches LLF 2.0 Initiative

Abu Dhabi, April 24, 2024—The United Arab Emirates (UAE) has announced a monumental commitment of $50 million to the second phase of the Lives and Livelihoods Fund 2.0 (LLF 2.0), a groundbreaking initiative aimed at lifting millions from poverty across Islamic Development Bank (IsDB) member countries.

The announcement was made during the AVPN Global Conference 2024 in Abu Dhabi, underscoring the UAE’s unwavering dedication to global development and humanitarian efforts. 

Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, chairman of the International Humanitarian and Philanthropic Council, emphasized the UAE’s pledge to collaborative solutions that bolster sustainable development and foster resilient futures for nations and communities worldwide.

LLF 2.0: A Catalyst for Sustainable Development

Established in 2016, LLF stands as a testament to the collective vision of key stakeholders, including the Islamic Development Bank, the Abu Dhabi Fund for Development, the Bill and Melinda Gates Foundation, the Islamic Solidarity Fund for Development, the King Salman Relief Humanitarian Aid and Relief Centre, and the Qatar Fund for Development. 

LLF serves as the largest multilateral Fund of its kind in the Middle East, dedicated to dismantling barriers obstructing individuals, organizations, and governments in low-income countries from accessing essential resources for poverty alleviation.

The Fund’s innovative financing model combines grants from donors with lending capital from IsDB, providing concessional finance for vital development projects. This unique approach catalyzes sustainable economic growth within nations, enabling the most vulnerable populations to break free from the cycle of poverty.

A Holistic Approach to Development

LLF 2.0 will focus on critical sectors, including health and infectious diseases, agriculture, and social infrastructure in low- and lower-middle-income IsDB member countries. 

By addressing root causes such as poverty, food insecurity, and inadequate healthcare, LLF 2.0 aims to support 32 member countries in achieving 10 of the 17 Sustainable Development Goals (SDGs) outlined by the United Nations.

Mohamed Saif Al Suwaidi, director-general of the Abu Dhabi Fund for Development, highlighted LLF 2.0’s strategic priorities, which encompass climate-smart agriculture, primary healthcare, underfunded social services, and infrastructure investments. 

The Fund’s blended finance model increases access to concessional financing, bridging investment gaps and accelerating progress towards the SDGs.

Impact and Milestones

In its initial phase, LLF invested over $1.4 billion across 22 IsDB member countries, resulting in tangible improvements in livelihoods and healthcare accessibility. 

Notable achievements include empowering three million smallholder farmers to enhance productivity, providing quality healthcare to 12.5 million women and children, and facilitating access to improved water and sanitation facilities for over 7.5 million people.

LLF 2.0 will build upon these successes by prioritizing climate adaptation efforts and advancing gender equality. Dr. Muhammad Al Jasser, President of IsDB, expressed gratitude for the UAE’s steadfast support, emphasizing its pivotal role in fostering human development in the poorest member countries.

Collaborative Partnerships for Sustainable Impact

LLF 2.0 has garnered significant support from international partners. The Islamic Solidarity Fund for Development committed $150 million to the Fund during its launch in May 2023, while the Gates Foundation pledged to contribute 20 percent of the total granted by donors to LLF, up to $100 million.

Looking Ahead: A Shared Vision for Progress

As LLF 2.0 embarks on its journey to uplift communities and nations, it embodies the collective commitment of global partners to drive positive change and create a more equitable world. 

The UAE’s substantial contribution underscores its leadership in championing sustainable development solutions and alleviating poverty on a global scale.

Sheikh Theyab bin Mohamed bin Zayed Al Nahyan said, “Through this partnership, the UAE furthers its efforts to alleviate poverty and to support countries in building resilient futures.” 

With LLF 2.0 at the forefront of transformative development initiatives, there is renewed hope for millions striving to break free from the shackles of poverty and achieve a brighter tomorrow.

This article was created using automation and was thoroughly edited and fact-checked by one of our editorial staff members