Abu Dhabi Fund for Development celebrates milestones on 51st anniversary
Abu Dhabi Fund for Development celebrates milestones on 51st anniversary.
Abu Dhabi, The Gulf Observer: The Abu Dhabi Fund for Development (ADFD) continues its pioneering mission since its establishment in 1971, achieving many milestones in various fields, as the total funds, investments and deposits of the Fund reached AED185.2 billion by the end of June 2022.
The strong positive impact achieved underscores the fast-paced growth of ADFD’s development & investment activities. The fund has provided soft loans to developing countries worth AED58.12 billion and disbursed AED59.30 billion government grants. Its total allocation of funds for development projects stands at AED117.42 billion, which benefited 103 countries in different continents.
The Fund has invested AED11.7 billion in multiple sectors through six financial tools. It has invested in 14 strategic companies, while the geographical area of investment encompassed 23 countries. Additionally, ADFD has deposited money in the central banks of some countries to support them stabilise foreign-currency reserves. The total amount of these deposits is AED56.1 billion.
Speaking on ADFD’s anniversary, Mohamed Saif Al Suwaidi, the Director-General, said, “We are steadily moving towards achieving our future aspirations and the UAE’s ambitious vision to support developing countries over their aspirations for progress. We owe our success to the support of our wise leadership; we are proud of our achievements.”
He added that ADFD looks forward to attaining its goals over the next 50 years and making significant achievements, as well as strengthening the UAE’s leading position across several global competitiveness indicators.
At the national level, ADFD has created innumerable opportunities for Emirati companies and gave these companies the priority to implement its development projects around the world. By doing so, it has contributed to the UAE’s private sector and its economy in general.
The Fund provided loans worth AED1.94 billion to support and empower Emirati companies expand their business inside and outside the country.
The Abu Dhabi Exports Office (ADEX), the export-financing arm of ADFD, has also played a key role in increasing the volume of export as it supported the efforts to diversify the national economy, and enhance the competitiveness of Emirati companies by providing financing worth AED316 million. ADEX also provides financing solutions and guarantees to importers of Emirati products and services.
