Wednesday, 14 April 2021 10:30 GMT

Abu Dhabi Fund for Development spends Dh84b since inception


(MENAFN - Khaleej Times) The Abu Dhabi Fund for Development (ADFD) has announced that it has expended a total of Dh84 billion to finance approximately 550 projects in 88 beneficiary countries.

Since its inception in July 1971, ADFD has disbursed Dh37 billion in concessionary loans, Dh44 billion in UAE government grants and Dh3 billion in investments. Focusing on key socio-economic sectors including health, education, housing, water, irrigation, agriculture and renewable energy, ADFD's development funding seeks to support the national priorities of beneficiary countries, improve standards of living and drive the implementation of the United Nations' Sustainable Development Goals (SDGs). ADFD was established in 1971 with a starting operating capital worth Dh500 million; its operating capital today is Dh16 billion.

Along with its core operations, ADFD's innovative partnerships with the private sector and international funding institutions have helped consolidate the UAE's prominent status among global foreign aid providers. The country has retained its position as the world's largest donor of official development assistance relative to national income for the fifth year in a row.

"The outstanding results over the past 47 years reflect ADFD's strategic approach to implementing the UAE's foreign development goals and assisting developing countries in addressing their socio-economic challenges," said Mohammed Saif Al Suwaidi, director general of ADFD.

In 2017, ADFD also commissioned the Korea Development Institute (KDI) to run a feasibility study investigating the need for a UAE-based export programme in line with the highest international standards. The programme aims to support the goals of the UAE Vision 2021 - diversifying the economy, reducing dependence on oil revenues, and preparing the country for the post-oil era. Furthermore, it will align with the objectives of the Abu Dhabi Economic Vision 2030 that seeks to advance sustainable socio-economic development.

To date, ADFD allocated Dh2.5 billion to support vital healthcare projects across the developing world. Seeking to provide quality medical services to the populations of the beneficiary countries, the fund has financed the construction of hospitals and treatment centres, the purchase of medical equipment and medicines, and the implementation of preventive health programmes.

In addition, ADFD has contributed to the financing of 48 housing projects with a total value of Dh8 billion, and its efforts in the transport sector have helped drive sustainable development. In this context, the fund financed 94 projects with a total value of about Dh14 billion in countries across the globe, including Morocco, Jordan, Egypt, Tajikistan, and Senegal. As part of its overarching commitment to supporting crucial renewable energy projects, ADFD has allocated $25 million for two new renewable energy projects in 2017. Over the past five funding cycles of the facility, ADFD financed 21 projects in 20 developing countries valued at $214 million.

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