Today's Edition
Mays Ibrahim (ABU DHABI)
The UAE announced a contribution of $50 million to the second phase of the Lives and Livelihoods Fund 2.0 (LLF 2.0) on Tuesday during the opening of the AVPN Global Conference 2024. The fund, which will be managed by the Abu Dhabi Fund for Development (ADFD), aims to accelerate efforts towards sustainable development in member countries of the Islamic Development Bank (IsDB).
In an interview with Aletihad on the sidelines of the conference, ADFD Director-General His Excellency Mohammed Saif Al Suwaidi said that critical sectors such as health, agriculture, and infrastructure are primary focal points of the second phase.
“The Lives and Livelihoods Fund will also contribute to alleviating developmental and economic challenges and enhancing food security for communities in developing countries, with investments aimed at supporting the IsDB member countries, totaling 32 countries,” Al Suwaidi said.
In 2016, the ADFD provided $50 million as a founding member of the Lives and Livelihoods Fund to finance development projects in member countries of the IsDB, along with several international financial institutions, according to Al Suwaidi.
Since the fund’s establishment, ADFD has provided Dh216 billion in financing and investments, benefitting 106 countries across various continents, he added, noting the pivotal role of the ADFD as a global leader in development work.
“The ADFD supports communities in developing countries through the implementation of sustainable development and investment projects that contribute to supporting their economic and social development, enabling communities to prosper and thrive,” said Al Suwaidi.
He further emphasised ADFD’s role in bolstering the national economy of the UAE, providing competitive financing solutions, and enhancing the competitiveness of national exports on a global scale.
Under the patronage of His Highness Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs and Chairman of the International Humanitarian and Philanthropic Council, the AVPN Global Conference 2024 gathers over 1,500 delegates including investors, philanthropists, policymakers, and researchers. Themed “One Asia, One Future,” the conference aims to address pressing social and environmental issues, with a focus on fostering collaboration and innovation across Asia.
“Abu Dhabi hosting the AVPN Conference for the first time in West Asia, reflects the keenness of the wise leadership of the UAE to support the international community in improving the quality of life, driving economic growth, and achieving prosperity in developing countries,” Al Suwaidi said, noting the role of Abu Dhabi as a hub for global humanitarian work, committed to fostering collaborations towards the achievement of sustainable development goals (SDGs).
Through its participation in the conference, ADFD aims to strengthen joint efforts with international entities to find innovative solutions to the economic, social, and environmental challenges facing developing countries, Al Suwaidi added.
