Abu Dhabi Fund for Development total spend reaches AED 84 billion
The UAE's national devlopemnt aid entity Abu Dhabi Fund for Development (ADFD) announced that it has expended a total of AED 84 billion to finance approximately 550 projects in 88 beneficiary countries in its 47 year tenure.
Since its inception on 15 July 1971, ADFD has disbursed AED 37 billion in concessionary loans, AED 44 billion in UAE government grants and AED 3 billion in investments.
"Focusing on key socio-economic sectors including health, education, housing, water, irrigation, agriculture and renewable energy, ADFDs 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). Along with its core operations, ADFDs innovative partnerships with the private sector and international funding institutions have helped consolidate the UAEs prominent status among global foreign aid providers. The country has retained its position as the worlds largest donor of official development assistance relative to national income for the fifth year in a row," said a statement from the ADFD.
“The continued success ADFD achieved since its establishment by the founding father of the UAE, late Sheikh Zayed bin Sultan Al Nahyan, is attributed to the wise leadership of the UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan, the directives of His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and the guidance of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister of the UAE, Minister of Presidential Affairs and Chairman of ADFD Board of Directors," said His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD.
“The outstanding results over the past 47 years reflect ADFDs strategic approach to implementing the UAEs foreign development goals and assisting developing countries in addressing their socio-economic challenges.”
In 2017, ADFD also commissioned the Korea Development Institute (KDI), a leading Korean think tank, 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.
ADFD was established in 1971 with a starting operating capital worth AED 500 million. Over the years, the Fund has registered steady financial growth and expanded its footprint across the globe. ADFDs operating capital today is AED16 billion.
It has in recent years put more of a focus on sustainable energy and health care, amongst other initiatives.