Abu Dhabi: ADFD finances AED1.4bn projects in 2017
Abu Dhabi Fund for Development (ADFD) announced that it financed 11 development projects worth AED1.4bn in 2017, benefiting nine developing countries.
Totalling more than AED646mn, four of the 11 projects were allocated as concessionary loans to Egypt, Antigua and Barbuda, and the Maldives, whereas the remaining seven projects were funded via development grants amounting to AED754mn, aiding Colombia, Yemen, Comoros, Eritrea, Somalia, Palestine, and Maldives. This brings ADFDs total cumulative development expenditure and investments as of end-2017 to AED83bn an AED3bn increase over 2016 and expands ADFDs reach to 88 beneficiary countries.
Speaking on the achievements, HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and chairman of ADFDs Board of Directors, said that the UAEs comprehensive international development assistance programmes are guided by solid principles and sound fundamentals. He explained that in line with the pioneering vision of the countrys wise leadership, these programmes assist developing countries in alleviating poverty and achieving sustainable development.
HH Al Nahyan added: “The determination of national institutions play a vital role in the UAEs development assistance and humanitarian aid efforts stems from the unwavering support of the UAE government, led by the UAE President HH Sheikh Khalifa bin Zayed Al Nahyan and HH Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.”
Moreover, HH Al Nahyan noted that the UAEs exemplary efforts have helped consolidate its status as the largest donor of official development aid (ODA) relative to national income worldwide explaining that this achievement validates the countrys steadfast commitment to international development and reinforces its significant contribution to supporting the UNs Sustainable Development Goals (SDGs).
HH Al Nahyan added that over the years, the UAE has actively supported socio-economic development projects in more than 140 countries across the world. He added that the nations leadership views development assistance as a precious legacy handed down by the founding father of the UAE, late Sheikh Zayed bin Sultan Al Nahyan.
He stressed that these initiatives shape the vision of ADFD, pointing out that since its inception in 1971, the Fund has enabled 88 developing countries to pursue their economic growth priorities and improve the standards of living for their people.
Speaking on the Funds 2017 results, HE Mohammed Saif Al Suwaidi, director general of ADFD, said: ADFD has long adopted an unequivocal development aid policy that mandates it to work towards eradicating global poverty and achieving sustainable development in developing countries.
As the leading national entity for development aid, the Fund has contributed to bolstering the status of the UAE as a respected and valued member of the international community, and a key global provider of development assistance.