Islamic Development Bank and KSrelief Launch Major Initiative to Enhance Sustainable Development in Lower-Income Countries
In a landmark move to enhance sustainable development, the Islamic Development Bank (IsDB) has entered into a Donor Contribution Agreement (DCA) with the King Salman Humanitarian Aid and Relief Centre (KSrelief), committing US$ 100 million to support member countries. This agreement was formalized on the sidelines of the Riyadh International Humanitarian Forum and aims to drive profound transformations in middle- and low-income nations with a focus on scaling effective project implementations under the Lives and Livelihoods Fund (LLF) 2.0 program, which is in its second phase.
The DCA, spanning five years, was signed by IsDB President H.E. Dr. Mohammed Salman Al-Jasser and KSrelief Supervisor General H.E. Dr. Abdullah Al-Rabeeah, reinforcing their existing partnership to address long-term development challenges. This initiative encompasses a total of 32 member countries of the IsDB and is designed to bolster the capacity of these nations to undertake high-impact projects that align with their unique development priorities and the Sustainable Development Goals (SDGs).
The Lives and Livelihoods Fund is an ambitious US$ 2.5 billion initiative that commenced in 2016, supported by a remarkable coalition of global donors including the Abu Dhabi Fund for Development (ADFD), the Gates Foundation, and the Islamic Solidarity Fund for Development (ISFD), among others. This collaboration aims to deliver essential support such as concessional financing which empowers countries to enhance their primary healthcare systems, improve the productivity of smallholder farmers, and build robust social infrastructures crucial to their growth.
Moreover, the LLF's initiatives are multifaceted, dedicated to addressing vital issues like climate adaptation and empowering women and youth. The ongoing commitment from partners, as highlighted by the joint announcement in May 2024 of an additional US$ 240 million for socioeconomic projects, signifies the urgency and dedication to expanding their reach in various regions, including Sub-Sahara Africa and Asia.
The ADFD, established in 1971, emphasizes facilitating developing countries’ growth by providing strategic loans and managing grants for infrastructure projects. It collaborates with more than 100 countries to promote Emirati products and create investment opportunities, thereby enhancing global economic collaborations. The Gates Foundation is predominantly focused on improving health and reducing poverty in developing countries, maintaining an extensive portfolio that aims to uplift communities around the world.
The IsDB has been active since 1975, looking to inspire social and economic prosperity across its member states. Its AAA-rated status as a multilateral development bank solidifies its role as a leader in promoting collaborative efforts for poverty reduction and economic empowerment.
KSrelief leads Saudi Arabia’s humanitarian aid initiatives, catering to the most vulnerable populations since its establishment in 2015. It coordinates numerous projects aimed at providing relief in crisis-affected regions, focusing particularly on children and women who are most affected.
Additionally, the Qatar Fund for Development (QFFD) plays a vital role in these efforts, channeling aid into educational and health projects aimed at achieving sustainable, inclusive global development as part of Qatar National Vision 2030.
The signing of this agreement marks a pivotal moment for collaboration among international aid entities and development banks, signaling a serious commitment to tackling the pressing issues faced by member countries while reinforcing global partnerships. As this initiative moves forward, it sets a precedent for successful collaboration in achieving sustainable development goals, bringing hope and impactful solutions to many communities in need.
The DCA, spanning five years, was signed by IsDB President H.E. Dr. Mohammed Salman Al-Jasser and KSrelief Supervisor General H.E. Dr. Abdullah Al-Rabeeah, reinforcing their existing partnership to address long-term development challenges. This initiative encompasses a total of 32 member countries of the IsDB and is designed to bolster the capacity of these nations to undertake high-impact projects that align with their unique development priorities and the Sustainable Development Goals (SDGs).
The Lives and Livelihoods Fund is an ambitious US$ 2.5 billion initiative that commenced in 2016, supported by a remarkable coalition of global donors including the Abu Dhabi Fund for Development (ADFD), the Gates Foundation, and the Islamic Solidarity Fund for Development (ISFD), among others. This collaboration aims to deliver essential support such as concessional financing which empowers countries to enhance their primary healthcare systems, improve the productivity of smallholder farmers, and build robust social infrastructures crucial to their growth.
Moreover, the LLF's initiatives are multifaceted, dedicated to addressing vital issues like climate adaptation and empowering women and youth. The ongoing commitment from partners, as highlighted by the joint announcement in May 2024 of an additional US$ 240 million for socioeconomic projects, signifies the urgency and dedication to expanding their reach in various regions, including Sub-Sahara Africa and Asia.
The ADFD, established in 1971, emphasizes facilitating developing countries’ growth by providing strategic loans and managing grants for infrastructure projects. It collaborates with more than 100 countries to promote Emirati products and create investment opportunities, thereby enhancing global economic collaborations. The Gates Foundation is predominantly focused on improving health and reducing poverty in developing countries, maintaining an extensive portfolio that aims to uplift communities around the world.
The IsDB has been active since 1975, looking to inspire social and economic prosperity across its member states. Its AAA-rated status as a multilateral development bank solidifies its role as a leader in promoting collaborative efforts for poverty reduction and economic empowerment.
KSrelief leads Saudi Arabia’s humanitarian aid initiatives, catering to the most vulnerable populations since its establishment in 2015. It coordinates numerous projects aimed at providing relief in crisis-affected regions, focusing particularly on children and women who are most affected.
Additionally, the Qatar Fund for Development (QFFD) plays a vital role in these efforts, channeling aid into educational and health projects aimed at achieving sustainable, inclusive global development as part of Qatar National Vision 2030.
The signing of this agreement marks a pivotal moment for collaboration among international aid entities and development banks, signaling a serious commitment to tackling the pressing issues faced by member countries while reinforcing global partnerships. As this initiative moves forward, it sets a precedent for successful collaboration in achieving sustainable development goals, bringing hope and impactful solutions to many communities in need.
Topics Policy & Public Interest）
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