Jeddah, Kingdom of Saudi Arabia, 29 September 2016 - Two years ago, in Jeddah, Saudi Arabia, a major new fund to fight poverty was announced by Bill Gates, the founder of Microsoft, who now dedicates his time to philanthropy. That announcement marked the beginning of work to create an innovative, large-scale fund that could fight disease and poverty across the Muslim world. Today, after two years of intensive collaboration with the Islamic Development Bank (IsDB), the Islamic Solidarity Fund for
Development (ISFD), the State of Qatar, the Kingdom of Saudi Arabia, and the United Arab Emirates, that initiative formally came to life.

Named the Lives and Livelihoods Fund, it has become the largest ever development initiative of its kind based in the Middle East. It officially launched today through the first meeting of its Impact Committee. The decision-making body approved projects worth US$363m for the first of the five years that the fund will be operational. Projects approved for the first wave of funding will be primarily in the Middle East and a number of Islamic and African countries. The funds will be used to protect
communities from the risk of malaria and HIV/AIDS, increase access to water and primary healthcare, and empower poor farmers to grow more food through the development of necessary infrastructure.

His Excellency Dr. Ahmad Mohamed Ali, President of IsDB, stated that the fund represented a major milestone in the journey to improve lives in Muslim countries. “I am delighted to see the hard work of all the partners pay off; these projects will save lives, and that is what we are here to do,” Dr Mohamed said at the sideline of the meeting.

The Lives and Livelihoods Fund will invest US$2.5 billion over the next five years on projects that help the poorest people in 30 of the poorest Muslim countries lead healthy and productive lives. Administered by the Islamic Development Bank (IsDB), the fund combines US$2 billion of IsDB financing with US$500m in grants from donors. So far, US$400 million in grants have been committed by the Bill & Melinda Gates Foundation (20% of the total up to US$100m), the Islamic Solidarity Fund for
Development (US$100m), the Qatar Fund for Development (US$50m), the King Salman Relief and Humanitarian Aid Center (US$100m), and the Abu Dhabi Fund for Development (US$50m).

The Impact Committee met under the chairmanship of Maher Al Hadrawi, Executive Director of the King Salman Relief and Humanitarian Aid Center. Mr Al Hadrawi said he was delighted with the progress of the fund since its inception, adding that it was the result of the joint efforts of the parties involved, and that it will be active and effective in developing the lives and livelihoods of people in the beneficiary countries, particularly in rural areas. Mr Al Hadrawi noted that the Custodian of
the Two Holy Mosques had provided directives for the King Salman Relief and Humanitarian Aid Center to contribute US$100 million on behalf of the Kingdom of Saudi Arabia to the Lives and Livelihoods Fund. The aid from the King Salman Center will help support incomes, provide the means for dignified living, and strengthen infrastructure in 30 Islamic countries, and is an extension of the significant efforts made by the Kingdom to help those in need.

Qatar was the first donor country to join the fund, committing US$50 million in April 2016. Ali bin Abdullah Al Dabbagh, Director of Strategic Planning at the Qatar Development Fund, said: “We at Qatar Fund For Development are proud to contribute to this unprecedented initiative in the Middle East region. We have complete confidence that the management team of the Lives and Livelihoods Fund, through its close cooperation with the Islamic Development Bank, will launch high-quality projects in
vital sectors that will reflect positively on improving the living conditions of millions of people across the Islamic world.”

The UAE also joined the inaugural impact committee as a founding member, with a major commitment of US$50 million. Representing the Abu Dhabi Fund for Development, Mohamed Al Suwaidi commented: “The LLF is a great example of the innovative financing mechanisms that we need in order to achieve the 2030 development agenda. We are proud to be a founding member of this joint regional effort and look forward to realizing the funds' full capabilities in reaching those most marginalized."

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About the Islamic Development Bank:
The Islamic Development Bank is a multilateral development institution, established in July 1975 with Headquarters in Jeddah, Saudi Arabia. The IsDB provides Shari’ah-compatible funding and technical assistance to its 57 member countries and in line with its overall objective of fostering economic development and social progress, it finances projects and programs in both public and private sectors in member countries by investing in economic and social infrastructure, providing technical
assistance, and promoting foreign trade. The IsDB also assists Muslim communities in non-member countries and undertakes research studies in Islamic economics and banking. For more information, visit www.isdb.org.

About the Bill and Melinda Gates Foundation:
Guided by the belief that every life has equal value, the Bill & Melinda Gates Foundation works to help all people lead healthy and productive lives. Through collaboration and partnership, the foundation helps fund research and programs to benefit those living in poverty all around the globe. In the Middle East, the foundation is focused on addressing the needs of the most vulnerable people. An example is the Lives and Livelihoods Fund, a US$2.5 billion fund partnership with the Islamic
Development Bank that uses innovative financing mechanisms to support sustainable development projects in health, agriculture, and infrastructure. You can find out more at http://www.gatesfoundation.org/Where-We-Work/Middle-East-Office

About King Salman Humanitarian Aid and Relief Center:
The King Salman Humanitarian Aid and Relief Centre is an international center specialized in international relief and humanitarian activities. The center was founded on 13/05/2015 under the sponsorship of the Custodian of the Two Holy Mosques as a leading center for relief and humanitarian aid that is effective, flexible, and active. The center operates through a group of programs designed according to global best-practice frameworks, serving as an extension of the crucial role played by the
Kingdom of Saudi Arabia’s relief and aid programs directed towards stricken communities, thereby helping them live respectable lives. The center also aims to unify relief activities outside of the Kingdom, and coordinate between all relief-related parties (governmental and non-governmental) within Saudi Arabia.

About Qatar Fund For Development:
Qatar Fund For Development is a Qatari public institution established in accordance with Law No. 19 for the year 2002 and its related amendments, with the official mandate of coordinating and implementing Overseas Development Aid projects on behalf of the State of Qatar. The fund has delivered aid to many countries all over the world to address the needs of various sectors, including education, health, and economic development, and is committed to contributing overseas aid through bilateral and
multilateral agreements according to the highest standards of best practice and professionalism.

About Abu Dhabi Fund for Development:
Abu Dhabi Fund for Development (ADFD), established July 15, 1971, is an autonomous national entity affiliated with Abu Dhabi government.

ADFD aims to help developing countries to achieve sustainable socio-economic growth; through financial assistance in the forms of concessionary loans, managing government grants and equities. ADFD also peruses investments in order to encourage the private sector in the recipient countries to play an essential part in accelerating the economic development process, and at the same time playing a pivotal role in strengthening and diversifying the future resources of the Fund.

About the Islamic Solidarity Fund for Development:
The decision to establish the Islamic Solidarity Fund for Development (ISFD) was reached by the Third Extraordinary Session of the OIC Summit held in Makkah Al-Mukarramah on 05-06 Dhul Qadah 1426H (07-08 December 2005). The Summit decided to establish a special fund within the IDB with a view to: (a) reduce poverty, (b) build the productive capacities of member countries, (c) reduce illiteracy, and (d) eradicate diseases and epidemics, particularly Malaria, Tuberculosis (TB) and HIV/AIDS.

 
For further information, please contact:
Dr Waleed Ahmad Addas
Head, Lives & Livelihoods Fund
WAddas@isdb.org
+966 12 646 6000