Tuesday , June 19 2018

Abu Dhabi fund finances projects worth AED1.4bn

ABU DHABI / WAM

The Abu Dhabi Fund for Development (ADFD) on Wedne-sday announced that it had financed 11 development projects worth AED1.4 billion in 2017, benefitting nine developing countries.
Totalling more than AED646 million, 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 AED754 million, aiding Colombia, Yemen, Comoros, Eritrea, Somalia, Palestine and Maldives. This brings the ADFD’s total cumulative development expenditure and investments as of end-2017 to AED83 billion an AED3 billion increase over 2016 and expands its reach to 88 beneficiary countries.
Speaking about the achievements, H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs and Chairman of the ADFD’s Board of Directors, said that the UAE’s comprehensive international development assistance programmes are guided by solid principles and sound fundamentals. He explained that in line with the pioneering vision of the country’s wise leadership, these programmes assist developing countries in alleviating poverty and achieving sustainable development.
He added that the determination of national institutions to play a vital role in the UAE’s development assistance and humanitarian aid efforts stems from the unwavering support of the UAE government, led by President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
Moreover, he noted that the UAE’s exemplary efforts have helped consolidate its status as the largest donor of official development aid (ODA) relative to national income worldwide.
He explained that this achievement validates the country’s steadfast commitment to international development and reinforces its sign- ificant contribution to supporting the UN’s Sustainable Development Goals (SDGs).
Sheikh Mansour 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 nation’s leadership views development assistance as a precious legacy handed down by the founding father of the UAE, late Sheikh Zayed bin Sultan Al Nahyan.

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