S’Arabia Announces $100m Financing for Islamic Bank’s Livelihoods Fund
Ugo Aliogo
The Lives and Livelihoods Fund (LLF) administered by the Islamic Development Bank (IsDB) has received a major boost with a new funding of $100 million announced by the King Salman Humanitarian Aid and Relief Centre (KSrelief) of the Kingdom of Saudi Arabia.
In a statement, it said Saudi Arabia has a decades-long commitment to steer sustainable development in low- and middle-income countries and close the economic divide that locks countries in a cycle of poverty.
It stressed that this undercuts their capacity to respond to the needs of vulnerable communities, and prevents their equal access to resources.
The statement noted that the fresh replenishment by KSrelief aims to build upon its initial contributions to LLF as a demonstration of its commitment to improving lives in low-income countries.
Earlier, on April 29, 2024, four global development partners, including the Abu Dhabi Fund for Development, the Bill and Melinda Gates Foundation, the IsDB, and KSrelief, jointly announced an additional $219 million in donor support for total 37 projects in 22 IsDB member countries through the Lives and Livelihoods LLF 2.0.
The announcement was made during the charter signing ceremony at the IsDB Annual General Meetings (AGM) 2024 in Riyadh.
“The newly announced funding will further expand our joint efforts under LLF 2.0 to lift the poorest out of poverty across 33 IsDB member countries.
“The innovative LLF financing model provides concessional financing to countries for strengthening primary healthcare systems, improving the livelihoods and productivity of smallholder farmers, and building the blocks of social infrastructure for the most vulnerable.
“With the support of KSrelief and our partners, LLF’s overall investment portfolio stands at $1.5 billion, channelled into critical socioeconomic and human capital development projects in member countries.
“The LLF is a $ 2.5 billion development initiative launched in 2016 and funded by an unprecedented global coalition including the ADFD, BMGF, the IsDB, the Islamic Solidarity Fund for Development (ISFD), KSrelief, and the Qatar Fund for Development (QFFD),” it stated.
As the largest development initiative in the Middle East, it noted that the goal is to lift the poorest out of poverty across 33 IsDB member countries by addressing nine Sustainable Development Goals (SDGs) through projects in health, agriculture, and basic infrastructure.
