The Burj Khalifa in Dubai, UAE
The Burj Khalifa in Dubai, UAE Nick Fewings/Unsplash

The United Arab Emirates (UAE) has pledged USD 50 million as part of the second phase of the Lives and Livelihoods Fund 2.0 (LLF 2.0) initiative. This contribution aims to assist member countries of the Islamic Development Bank in lifting millions of individuals out of poverty.

LLF 2.0 initiative uses funds to help projects based on health and infectious diseases, agriculture, and social infrastructure in low and lower-middle-income Islamic Development Bank member countries.

Aside from targeting the root cause of poverty, food insecurity, and poor health, this initiative aims to help 32 countries that are part of the Islamic Development Bank reach 10 out of the 17 Sustainable Development Goals.

The Abu Dhabi Fund for Development (ADFD) will be taking care of money management. The USD 50 million is an additional amount, separate from the $50 million the UAE has already given to the LLF since 2016.

The announcement of the 2.0 initiative was shared during the AVPN Global Conference 2024 in Abu Dhabi, in the presence of Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, the Chairman of the International Humanitarian and Philanthropic Council.

"We are committed to supporting sustainable development solutions that save and improve lives, drive equitable economic growth, and enable countries to thrive. Through this partnership, the UAE furthers its efforts to alleviate poverty and to support countries in building resilient futures," Al Nahyan was quoted as saying by WAM.

"This contribution also reflects the UAE's conviction that the greatest progress comes through like-minded collaboration," he added.

Al Nahyan praised Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of ADFD's Board of Directors for his guidance over this initiative.

LLF is a collaboration between several organizations 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.

This initiative is known to be the largest multilateral fund of its kind in the Middle East, aiming at removing obstacles that prevent individuals, groups, and governments in impoverished countries from accessing the assistance needed to enhance their livelihoods and break free from poverty.