Doha: Qatar Development Fund (QDF) yesterday signed a $50m grant agreement to contribute to the capital of The Lives and Livelihoods Fund (LLF) established by Islamic Development Bank (IDB) and the Bill & Melinda Gates Foundation.
Assistant Foreign Minister for Foreign Affairs H E Sultan bin Saad Al Meraikhi and other officials were present at the deal signing ceremony.
The grant facility known as LLF was launched to address poverty and diseases in IDB member countries.
Through the innovative facility, IDB, the foundation and other donors will support over five years poverty-focused programmes worth $2.5bn in IDB member countries, especially in low-income countries.
The agreement was signed by Khalifa bin Jassim Al Kuwari, General Director, QDF; Dr Ahmad Mohamed Ali Al Madani, First President, IDB; and Bill Gates, Co-chair, Bill & Melinda Gates Foundation.
Al Kuwari expressed pleasure with the contribution of $50m at the beginning of the pilot project, which will support millions of people to get out of poverty in Islamic countries in dire need of help.
He said LLF aims to develop primary healthcare, disease control, smallholder agriculture and basic rural infrastructure. “We aim to reach 30 least developed member countries of Organisation of Islamic Cooperation (OIC) in Asia and Africa,” he said, adding the project will have a significant role in the advancement of these peoples. He hoped more donors will take part in the initiative to reach $500m by the beginning of next year.
Qatar believes that human development, healthcare, education and the agricultural sector play a big role in the activation of the production process in developing countries, he said. Al Kuwari said the project is one of LLF’s innovative ones and its partners have significant field experiences in the targeted sectors. He also expressed optimism about the project and said he looked forward to greater cooperation in the next stage.QNA
