The Bill & Melinda Gates Foundation and the Islamic Development Bank partnered to combat extreme poverty in the Islamic world, unveiling a new sharia-compliant fund of US$2.5 billion.
The collaboration brought forth a new US$500 million grant facility, called The Lives & Livelihoods Fund, that targets improvements in primary healthcare, disease control, smallholder agriculture and basic rural infrastructure in IDB member countries, particularly in low-income countries.
The facility, together with US$2 billion from the Islamic Development Bank (IDB), will back poverty-focused programs over a five-year span. Bill Gates, one of the world’s wealthiest individuals,will contribute up to US$400 million, while US$100 million will be provided by IDB shareholders.
“We hope to be able to commence operations in early 2016,” said Dr. Ahmad Mohamed Ali, Chair of IDB Group.