Qatar donates $50 million to fight poverty
The Lives and Livelihoods Fund was developed by the Islamic Development Bank (IDB) and the Bill and Melinda Gates Foundation as a way to provide IDB's 30 least developed countries access to affordable financing.
Qatar made the $50 million donation through the Qatar Development Fund, which offers foreign aid on behalf of the State of Qatar.
"We are honored to contribute to such an innovative and pioneering project that will lift millions of lives out of poverty in the countries that need it most," Qatar Development Fund Director General Khalifa Al Kuwari said.
The $50 million donation from Qatar is expected to unlock $2.5 billion of financing that will be used to enhance health, agriculture and infrastructure in low-income IDB member countries.
"Qatar's timely intervention will certainly augment our combined efforts to deal with the scourge of poverty for those who need it most -- and, therefore, we applaud this effort and call for others to join us in this noble effort of fighting poverty and restoring dignity," IDB President Ahmad Al Madani said.