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IDB, Bill Gates and Donors to Fund US$2.5 Billion Poverty Program
IDB, Bill Gates and Donors to Fund US$2.5 Billion Poverty Program
Monday, 15 June 2015
Maputo, Mozambique, 10.06.2015- The Islamic Development Bank (IDB) and the Bill & Melinda Gates Foundation have formally launched a US$500 million grant facility, to be known as The Lives & Livelihoods Fund, to address poverty and diseases in IDB member countries.
Through this innovative facility, IDB, the Gates Foundation and other donors will support over five years poverty-focused programs worth US$2.5 billion in primary healthcare, disease control, smallholder agriculture and basic rural infrastructure in IDB member countries, especially in low income countries.
The announcement was made by the IDB Group Chairman, Dr. Ahmad Mohamed Ali and Mr. Bill Gates, Co-Chair of the Bill & Melinda Gates Foundation, at a high level event during the 40th Annual Meeting of the IDB Group held in Maputo, Mozambique.
Dr. Ali stated that the US$500 million from The Lives & Livelihoods Fund will be deployed alongside US$2 billion from IDB to scale-up support to pro-poor programs in IDB member countries over 5 years. He also announced the US$100 million grant contribution of IDB shareholders to the Fund, through the Islamic Solidarity Fund for Development (ISFD), the poverty alleviation arm of IDB.
Dr. Ali thanked Mr. Bill Gates for his personal commitment and unequivocal support, and for agreeing to contribute up to US$100 million to the
Fund. Dr. Ali and Mr. Gates called on donors to support the Fund by contributing the remaining US$300 million of grant funding over five years.
“We hope to be able to commence operations in early 2016", Dr. Ali told the audience, which included a number of finance ministers and senior officials from IDB member countries, as well as several high level representatives from leading international organizations and donor countries, including the World Bank, African Union and European Union.
Mr. Bill Gates, for his part, launched an emotional appeal to donors saying “we now have a once-in-a-lifetime opportunity to improve the quality of life for each of the nearly 2 billion people living in the bank’s member countries. It is an honor to join you in this historic effort.”
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