Friday , November 16 2018

Abu Dhabi fund earmarks $3bn for education, health

ABU DHABI / Emirates Business

In a bid to elevate the standard of living in developing countries and eradicate global poverty, Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, has highlighted its allocation of nearly AED11 billion ($2.99 billion) towards development projects in the education as well as healthcare sectors.
In its report marking International Day for the Eradication of Poverty, which is annually observed on October 17, ADFD emphasised its mission to help developing countries achieve sustainable economic growth and reduce poverty.
ADFD provides concessionary financial resources in the form of loans that satisfy the concessional conditions in accordance with the requirements of the Organisation for Economic Co-operation and Development (OECD). ADFD also manages Abu Dhabi government grants. In cooperation with international financial institutions, ADFD has worked to increase spending on key sectors such as health, food security, transport, housing, education, water, agriculture and energy in order to reach the goals outlined by the United Nations Sustainable Development Goals (SDGs), as well as achieve social and economic growth in developing countries.
Over the span of the last four-and-a-half decades, ADFD has disbursed AED81 billion in concessi- onary loans and government grants across 88 countries.
HE Mohammed Saif Al Suwaidi, Director General of ADFD, said, “The international community is taking great strides to improve economic and social situation in many developing countries, which suffer from poverty and unemployment and deterioration of health services and education. The International Day for the Eradication of Poverty is an opportunity to further mobilise international efforts and boost cooperation, ensuring creation of job opportunities and overall socio-economic well-being.”
In addition to supporting sustainable development in key socio-economic sectors, ADFD aims to reduce poverty rates by contributing to the healthcare and education sectors.

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