ADFD Loans Hit Dh65b In H1

The Abu Dhabi Fund for Development (ADFD) has provided grants and loans worth Dh65 billion at the end of H1 2015. This includes Dh23.4 billion in concessionary loans and Dh41.7 billion provided as government grants. The Fund, which observed its 44th anniversary on Saturday, has so far financed 442 development projects in 76 countries.

Countries in the Arab world accounted for 84 per cent of ADFD's funding in 2015. The share of African countries stood at five per cent or Dh3 billion allocated towards the financing of 70 projects. Asian countries received Dh3.8 billion in funding, which represents six per cent of the total amount allocated towards the financing of 58 projects. Other countries accounted for the remaining five per cent or Dh3.2 billion of the total loan and grant value earmarked for 12 projects.

These loans and grants supported key economic sectors vital to the development of recipient countries, with transportation accounting for 19 per cent of the total financing worth Dh12.3 billion spent on 85 development projects.

The housing sector received 12 per cent or Dh7.6 billion allocated towards 42 projects. Electricity and water initiatives received Dh7.4 billion or 11 per cent allocated towards funding 83 projects. The share of agriculture, irrigation and land reclamation stood at 10 per cent or Dh6.7 billion allocated for 55 projects.

The total value of loans and grants earmarked for social and health services registered Dh4.5 billion to finance 76 projects, representing seven per cent of total funding. The industry and mining sectors received six per cent of the total financing or Dh3.7 billion spread across 38 projects.

Mohammed Saif Al Suwaidi, director-general of ADFD, said: "The ADFD is committed to lead by example in the provision of development assistance worldwide. We will continue to work with our partners in the developing world to improve the standards of living for their people and achieve sustainable growth in sectors that require infrastructure development such as healthcare and education."

"The idea of establishing a development agency came to the fore nearly 40 years back when the founding father of the UAE, late Shaikh Zayed bin Sultan Al Nahyan, decided to institutionalise the country's contribution to international development and progress."

ADFD focuses on sectors such as agriculture, electricity, water, transportation, industry, renewable energy, as well as social, health and housing services.

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