UAE announces $50-million pledge to major initiative that can lift millions out of poverty

 




The United Arab Emirates (UAE) has announced a $50 million pledge to support the second phase of the Lives and Livelihoods Fund 2.0 (LLF 2.0), a major multi-donor initiative aimed at lifting millions of people out of poverty. As per the report on the Khaleej Times website, LLF 2.0 is being implemented by the Islamic Development Bank to support critical projects focused on health, agriculture and social infrastructure in low and lower-middle income member countries of the bank. 


Some of the key highlights from the report include:


- The $50 million pledge from the UAE will be administered by the Abu Dhabi Fund for Development and adds to the $50 million already contributed by the UAE to the LLF since its launch in 2016. 


- LLF 2.0 aims to deploy the funds towards projects targeting the root causes of poverty, food insecurity and poor health outcomes while also supporting 32 member countries in achieving 10 of the UN's 17 Sustainable Development Goals.


- The funding is expected to focus on climate-smart agriculture, primary healthcare, underfunded social services and infrastructure investment projects across IsDB member countries. 


- The earlier phase 1 of LLF invested over $1.4 billion across 22 countries, benefiting millions directly through projects related to agriculture, healthcare, water and sanitation. 


- LLF 2.0 will have an increased focus on climate adaptation, empowering women and girls and leveraging the blended financing model of grants and concessionary loans.


- key stakeholders backing LLF 2.0 include Abu Dhabi Fund for Development, Islamic Development Bank, Bill & Melinda Gates Foundation and others who have committed significant funds to LLF over the past years.


So in summary, the UAE pledge aims to further the nation's efforts to alleviate poverty and support development through the multicountry Lives and Livelihoods Fund initiative managed by the Islamic Development Bank.

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