Fund marks 47th anniversary having helped realise 550 socio-economic projects in 88 countries
Abu Dhabi: The Abu Dhabi Fund for Development (ADFD), on its 47th anniversary, announced that it has to date provided a total of Dh84 billion to finance approximately 550 projects in 88 beneficiary countries.
Since its inception on July 15, 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).
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.
Speaking on the occasion, Mohammad Saif Al Suwaidi, Director General of ADFD, said: “The continued success ADFD achieved since its establishment by the founding father of the UAE, late Shaikh Zayed Bin Sultan Al Nahyan, is attributed to the wise leadership of His Highness The President Shaikh Khalifa Bin Zayed Al Nahyan, the directives of His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and the guidance of Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister of the UAE, Minister of Presidential Affairs and Chairman of ADFD Board of Directors.”
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 Dh500 million. Over the years, the Fund has registered steady financial growth and expanded its footprint across the globe. ADFD’s operating capital today is Dh16 billion.
To date, ADFD has allocated Dh2.5 billion to support vital health-care projects across the developing world.
ADFD contributed to the financing of 48 housing projects totally valued at Dh8 billion.
To drive sustainable development, 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.
Renewable energy sector
The Fund allocated $25 million for two new renewable energy projects in 2017. Over the past five funding cycles, ADFD financed 21 projects in 20 developing countries valued at $214 million.