Driverless cars to race at 300kmph at Abu Dhabi’s Yas Marina for prize pool of $2.25 million

UAE

The United Arab Emirates (UAE) has once again demonstrated its commitment to global development by pledging $50 million to the Lives and Livelihoods Fund 2.0 (LLF 2.0), a major multi-donor initiative aimed at lifting millions out of poverty. This significant contribution underscores the UAE's dedication to addressing key challenges facing Islamic Development Bank (IsDB) member countries, particularly in the areas of health, agriculture, and social infrastructure.

LLF 2.0 represents a collaborative effort to tackle the root causes of poverty and food insecurity, while also promoting sustainable development and advancing progress towards the United Nations' Sustainable Development Goals (SDGs). With a focus on low- and lower-middle-income IsDB member countries, the fund aims to support critical projects that will have a transformative impact on communities across the region.

Administered by the Abu Dhabi Fund for Development (ADFD), the $50 million pledge from the UAE builds upon its previous contributions to the LLF, reaffirming its commitment to driving positive change and uplifting vulnerable populations. The announcement of this significant funding comes at a pivotal moment, underscoring the UAE's leadership in championing innovative solutions to global development challenges.

Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, chairman of the International Humanitarian and Philanthropic Council, highlighted the UAE's dedication to partnering with stakeholders to create lasting impact. He emphasized the importance of sustainable development solutions in saving lives, fostering economic growth, and building resilient futures for countries and communities worldwide.

LLF, established in 2016, represents a unique partnership between key stakeholders, including the Islamic Development Bank, the Bill and Melinda Gates Foundation, and other philanthropic organizations. Through its innovative financing model, LLF combines grants from donors with lending capital from IsDB to provide concessional finance for development projects, thereby facilitating sustainable economic growth and poverty reduction.

Mohamed Saif Al Suwaidi, director-general of the Abu Dhabi Fund for Development, outlined the key focus areas of LLF 2.0, including climate-smart agriculture, primary healthcare, social services, and infrastructure investment. He emphasized the importance of leveraging blended finance to bridge investment gaps and accelerate progress towards the SDGs.

LLF 2.0 builds upon the success of its predecessor, which invested over $1.4 billion across 22 IsDB member countries, positively impacting millions of lives. The new phase of the fund will prioritize climate adaptation efforts and gender empowerment, recognizing the disproportionate impact of climate change and gender inequality on vulnerable populations.

Dr. Muhammad Al Jasser, President of IsDB, expressed gratitude for the UAE's continued support, noting the instrumental role it has played in fostering human development in the poorest member countries. He highlighted the transformative potential of LLF 2.0 in driving inclusive and sustainable development across the region.

As LLF 2.0 enters its implementation phase, it holds the promise of catalyzing positive change and creating pathways out of poverty for millions of people. The UAE's generous pledge underscores its unwavering commitment to global solidarity and collective action in pursuit of a more equitable and prosperous world.