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United Arab Emirates,United States : ADFD allocates $25 Billion to 90 Beneficiary Countries
Publish Date : 17-Jul-2019

Abu Dhabi Fund for Development (ADFD) has allocated $25 billion in development funding and investments to 90 beneficiary countries.

The Abu Dhabi funds support for socio-economic development in developing countries over the past four and a half decades, especially in the last five years, has significantly contributed to the UAE retaining the prestigious title of the worlds top donor of official development assistance relative to national income between 2013 and 2017.

Focused on key socio-economic sectors, including health, education, housing, water, irrigation, agriculture and renewable energy, ADFDs development funding aims to support the national priorities of developing countries, bolster sustainable economic development, improve standards of living and drive the implementation of the United Nations Sustainable Development Goals (SDGs).

In addition, ADFD holds equity stakes in numerous companies and private equity funds, the statement said, explaining that these investments serve various key sectors and drive economic development and job creation in beneficiary countries. To date, the Fund has invested in 13 companies and four private equity funds across Africa, Asia and Europe.

It has also adopted a policy of financing UAE private sector investments. In order to enhance competitiveness and to enable investment opportunities, the policy aims to lay the foundations and guidelines for providing funding for national private sector investments in the UAE and abroad.

In a statement, the fund said that since its inception on July 15, 1971, it has disbursed $11.7 billion in concessionary loans, $12.5 billion in UAE government grants, and $816.7 million in investments. Along with its core operations, ADFD has fostered innovative partnerships with the private sector and international funding institutions to help consolidate the UAEs prominent status among global foreign aid providers.

ADFD director general, Mohammed Saif Al Suwaidi said, Over the last 48 years, the Fund marked significant economic development milestones all over the world. Since its establishment by the founding father of the UAE, late Sheikh Zayed bin Sultan Al Nahyan, and continuing under the UAE leadership, it has succeeded in boosting the growth of key sectors in developing countries.

Al Suwaidi said, ADFD works as a strategic partner with the governments of the beneficiary countries to support their development programmes and objectives with a focus on financing projects that improve infrastructure and elevate living standards. We are committed to continuing our noble journey of assisting developing nations in their sustainable development endeavours.

He stated, In addition, ADFD has amended its tendering system to give 10% preference to national companies that pass the technical assessment and financial qualification stage outlined in the Funds tender policy for grant projects.

The Abu Dhabi fund is currently in the process of finalising a UAE-wide national export financing programme to provide financing and guarantee facilities to boost export rates and open new markets.

In line with the UAE Vision 2021 and Abu Dhabi Economic Vision 2030, aimed at advancing economic diversification as a pillar of sustainable development, the programme seeks to enhance the competitiveness of the national economy in international markets through expanding the range of export products and commodities.

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