Need stressed to bridge financing gap

ABU DHABI: The Higher Commitee of the Living and Livelihoods Fund, LLF, held its eighth annual meeting virtually under the chairmanship of Abu Dhabi Fund for Development, ADFD, which was represented by Ahmed Al Kalbani, Chief Economist at the ADFD.

The participants included donor partners of Islamic Development Bank, ISDB, that launched the $2.5 billion LLF in 2016 to strengthen the economies of the poorer ISDB member nations, making

it the largest development initiative of its kind in the Middle East as well as among 33 of the bank’s member states. Abu Dhabi Fund is a founding member of LLF.

The participants reviewed the implementation and progress of the projects approved in the past four years, those submited for approval in 2020, the budget for 2021, as well as LLF’S communications strategy.

Expressing satisfaction over the outcome of the meeting, Mohammed Saif Al Suwaidi, Director-general of ADFD, said, “The Fund actively contributed to the Lives and Livelihoods Fund as it worked to bridge financing gaps and support innovative and sustainable projects to stimulate economies of developing countries that are members of the Islamic Development Bank.”

Al Suwaidi stated that in line with the Fund’s strategy, it would continue to expand its development efforts and work jointly to help member countries to meet their developmental needs and achieve sustainable economic growth.