Qatar Development Fund donates $50M to Bill Gates' sharia fund

Published April 19th, 2016 - 08:00 GMT
Melinda and Bill Gates at the World Economic Forum. (WEF)
Melinda and Bill Gates at the World Economic Forum. (WEF)

Qatar Development Fund has inked a deal with the Bill & Melinda Gates Foundation in Doha.

The fund, founded last year by IDB and the Bill & Melinda Gates Foundation, named The Lives and Livelihoods Fund (LLF), a $2.5 billion Shari’ah compliant fund. The fund aims to implement five year long poverty focused programmes in some of IDB’s member countries, according to reports from Arabian Business.

The agreement was signed by the General Director of the Qatar Development Fund, Khalifa bin Jassim Al-Kuwari, the first president of the IDB, Dr. Ahmad Mohamed Ali Al-Madani, and Bill Gates.

“We aim to reach the 30 member least developed countries in the Organization of Islamic Cooperation (OIC) in Asia and Africa,” Al-Kuwari said to Arabian Business.

By Matthew Amlôt

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