Abu Dhabi for Development stresses the importance of uniting efforts
The Higher Committee of the Living and Livelihood Fund held its eighth annual meeting today via remote visual communication technology, chaired by the Abu Dhabi for Development, and attended by all members to discuss the importance of uniting efforts to bridge the financing gap & challenges facing developing countries.
Abu Dhabi for Development Meeting
The participants in the meeting discussed the agenda that includes following up the stages of progress and implementation of the projects that have been approved during the past four years. The proposed projects for the year 2020 were presented for approval, as well as reviewing the financial items and approving the administration’s budget for the year 2021. The participants in the meeting also discussed the communication strategy of the livelihood fund and living.
On this occasion, His Excellency Mohammad Saif Al Suwaidi, Director-General of the ADFD, said: The ADFD is pleased to chair the Higher Committee of the Living and Livelihood Fund at its eighth meeting, noting that the accession of the Fund as a founding member of the Lives and Livelihoods Fund comes in line with our strategy aimed at supporting work development and economic cooperation and expanding its horizons to include the largest segment of developing countries.
Abu Dhabi for Development Contributions
His Excellency added that the Abu Dhabi Fund for Development contributed to activating the role of the Lives and Livelihoods Fund, and worked to bridge financing gaps and support innovative and sustainable projects to stimulate economies in developing countries that are members of the Islamic Development Bank to overcome the challenges they face, stressing that the fund will continue its efforts to enhance its development efforts and joint work to meet the needs of countries developing towards achieving prosperous and sustainable economic growth.
Ahmed Al Kalbani, the representative of the ADFD and Chairman of the Higher Committee of the Living and Living Fund, thanked all members for their participation in the meeting, appreciating their constructive role in the work’s success of the eighth meeting of the Supreme Committee of the Fund, which is held under the exceptional circumstances that the world is experiencing because of the outbreak of the COVID-19 pandemic.
The Livelihoods Fund, which has a capital of $2.5 billion, aims to finance development projects in developing countries that are members of the Islamic Development Bank in key sectors such as agriculture, health, and infrastructure projects.
It is noteworthy that the Abu Dhabi Fund for Development joined as a founding member of the Executive Board of the Lives and Livelihoods Fund in 2016, contributing about 184 million dirhams / $50 million / of the “livelihood and livelihood” capital, and the Lives and Livelihoods Fund includes in its membership the Islamic Development Bank, the Abu Dhabi Fund for Development and the Bill and Melinda Gates Foundation, the Islamic Solidarity Fund for Development (ISFD), the King Salman Humanitarian Aid and Relief Center, and the UK Office of Foreign, Commonwealth and Development Affairs.