QDF Sign $50 million Agreement For Advancement Of Islamic Low Income Countries

Doha, April 13 (QNA) - Qatar Development Fund (QDF) signed here on Wednesday a $ 50 million Grant Agreement aimed at contributing to the capital of The Lives and Livelihoods Fund (LLF) is established by the Islamic Development Bank (IDB) and the Bill & Melinda Gates Foundation in the presence of the Assistant Foreign Minister for Foreign Affairs, HE Sultan bin Saad Al Meraikhi. The $500 million grant facility known as The Lives and Livelihoods Fund was launched to address poverty and diseases in IDB member countries. Through that innovative facility, IDB, the Gates Foundation and other donors will support over five years poverty-focused programs worth US$2.5 billion in IDB member countries, especially in low income countries. The Grant Agreement was signed by General Director of the Qatar Development Fund, Khalifa bin Jassim Al-Kuwari, Dr. Ahmad Mohamed Ali Al-Madani, the first President of the Islamic Development Bank and Bill Gates, Co-chair of the Bill & Melinda Gates Foundation. On this occasion, Al-Kuwari expressed pleasure to contribute with US $ 50 million as the beginning of this innovative and pilot project, which will support the millions of people to get out of poverty in the Islamic countries in dire need of help, explaining that the Lives and Livelihoods Fund is meant to develop primary healthcare, disease control, smallholder agriculture and basic rural infrastructure. We aim to reach the 30 member least developed countries in the Organization of Islamic Cooperation (OIC) in Asia and Africa , Al-Kuwari said, noting that this project will have a significant role in the advancement of these peoples and wishing further participation of other donors to reach $ 500 million by the beginning of next year. The State of Qatar believes that human development, health care, education and the agricultural sector play a big role in the activation of the production process in developing countries, he said, pointing out that this project is one of the Fund's innovative projects and their partners have significant field experiences in the targeted sectors. He also expressed optimism about this project and looked forward to greater cooperation in the next stage. (QNA)