Riyadh, Saudi Arabia, 1 May 2024– The Islamic Development Bank’s administered Lives & Livelihoods Fund (LLF) has received a major boost with a new funding of US$ 100 million announced by the King Salman Humanitarian Aid and Relief Centre (KSrelief) of the Kingdom of Saudi Arabia.

Saudi Arabia has a decades-long commitment to steer sustainable development in low- and middle-income countries and close the economic divide that locks countries in a cycle of poverty, undercuts their capacity to respond to the needs of vulnerable communities, and prevents their equal access to resources.

Fresh replenishment by KSrelief aim to build upon its initial contributions of US$ 100 to LLF as a demonstration of its commitment to improving lives in low-income countries.

Earlier this week, on April 29, 2024, four global development partners including the Abu Dhabi Fund for Development, the Bill and Melinda Gates Foundation, the Islamic Development Bank, and KSrelief, jointly announced an additional US$ 219 million in donor support for total 37 projects in 22 IsDB member countries through the Lives and Livelihoods Fund 2.0 (LLF 2.0). The announcement was made during the Charter Signing Ceremony at the IsDB Annual General Meetings 2024 in Riyadh.

The newly announced funding will further expand our joint efforts under LLF 2.0 to lift the poorest out of poverty across 33 IsDB member countries. The innovative LLF financing model provides concessional financing to countries for strengthening primary health care systems, improving the livelihoods and productivity of smallholder farmers, and building the blocks of social infrastructure for the most vulnerable. With the support of KSrelief and our partners, LLF’s overall investment portfolio stands at US$ 1.5 billion, channeled into critical socioeconomic and human capital development projects in member countries.

The Lives and Livelihoods Fund (LLF) is a US$ 2.5 billion development initiative launched in 2016 and funded by an unprecedented global coalition including the Abu Dhabi Fund for Development (ADFD), the Bill & Melinda Gates Foundation (BMGF), the Islamic Development Bank (IsDB), the Islamic Solidarity Fund for Development (ISFD), King Salman Humanitarian Aid and Relief Centre (KSrelief), and the Qatar Fund for Development (QFFD). As the largest development initiative in the Middle East, its goal is to lift the poorest out of poverty across 33 IsDB member countries by addressing nine Sustainable Development Goals (SDGs) through projects in health, agriculture, and basic infrastructure.