ADFD disburses Dh92 billion in development funding, investments

Abu Dhabi government entity has financed projects in 90 countries since its inception

ABU DHABI, UNITED ARAB EMIRATES. 13 JANUARY 2019. Opening sessions of IRENA converence at St Regis Saadiyat. His Excellency Mohammed Saif Al Suwaidi, Director General, Abu Dhabi Fund for Development. (Photo: Antonie Robertson/The National) Journalist: Roberta Pennington. Section: National.

Abu Dhabi Fund for Development (ADFD) disbursed Dh92 billion in development funding and investments since its inception for the benefit of 90 countries, the government owned entity said in a report marking its 48th anniversary on Monday.

Of the total amount of Dh92bn, the fund has disbursed Dh43bn in concessionary loans, Dh46bn in UAE government grants and Dh3bn in investments focusing on key socio-economic sectors including health, education, housing, water, irrigation, agriculture and renewable energy.

“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,” said Mohammed Saif Al Suwaidi, director general of ADFD.

ADFD also holds equity stakes in 13 companies and four private equity funds across Africa, Europe and Asia and adopted a policy of financing UAE private sector investments. It is currently in the process of finalising a country-wide national export financing programme to provide financing and guarantee facilities to boost export rates and open new markets.

In addition, ADFD has amended its tendering system to give 10 per cent preference to national companies and its efforts have facilitated business deals worth Dh16.5bn for UAE companies to implement ADFD-funded projects in developing countries.

ADFD has funded 129 development projects with a total value of Dh2.5bn benefitting 14 developing countries in education. In the healthcare sector, the total value of funds amounted to Dh4bn, in housing sector Dh7.8bn, in water related projects DH8bn, in transport sector Dh14bn.

In renewable energy, ADFD has funded 70 development projects worth Dh4.4 billion that have brought online about 2,584 MW (megawatts) of renewable energy capacity.

ADFD was established in 1971 with a starting operating capital worth Dh500 million. Its operating capital currently stands at Dh16bn.