Islamic Development Bank and partners launch the Lives and Livelihoods Fund 2.0

Islamic Development Bank and partners launch the Lives and Livelihoods Fund 2.0

Jeddah – The Islamic Development Bank (IsDB) and its development partners, the Abu Dhabi Fund for Development (ADFD), the Bill & Melinda Gates Foundation (BMGF) and the Islamic Solidarity Fund for Development (ISFD) today announced the launch of the second phase of the Lives and Livelihoods Fund (LLF 2.0) on the sidelines of the IsDB Annual Meetings 2023.

The launch event was attended by the principals of the Fund’s founding partners, including His Excellency Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD), Dr. Chris Elias, President Global Development, Bill & Melinda Gates Foundation (BMGF) and Dr. Hiba Ahmed, Director General, Islamic Solidarity Fund for Development (ISFD).

The next phase of the Fund mobilizes resources from the IsDB and from donors such as the Bill & Melinda Gates Foundation (BMGF) and the Islamic Solidarity Fund for Development (ISFD) for the next five years. The committed resources are aimed at supporting 32 member countries of the Bank to achieve 10 of the 17 Sustainable Development Goals (SDGs).

The Islamic Solidarity Fund for Development committed USD 150 million – USD 50 million as highly concessional loans and USD 100 million as temporary cash waqf, whereby, the investment returns are earmarked to