ADFD turns 51; total loans, investments and deposits stand at Dhs185.2bn
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UAE’s ADFD turns 51; its total loans, investments and deposits stand at Dhs185.2bn

UAE’s ADFD turns 51; its total loans, investments and deposits stand at Dhs185.2bn

Abu Dhabi Fund for Development’s total allocation of funds for development projects across the world amount to Dhs117.42bn

Neesha Salian
Abu Dhabi Fund for Development turns 51

Since its establishment in 1971, the state-owned Abu Dhabi Fund for Development (ADFD) has been driving development in various fields in the country and across the world.

The fund, which celebrates its 51st anniversary this year, has helped developing countries strengthen their economies, while also supporting the national economy and enhancing its global competitiveness.

According to a statement released by the fund to mark the anniversary, ADFD has provided soft loans to developing countries worth Dhs58.12bn and disbursed Dhs59.30bn government grants.

Its total allocation of funds for development projects stands at Dhs117.42bn, which has benefitted 103 countries on different continents.

The fund has invested Dhs11.7bn in multiple sectors through six financial tools. It has invested in 14 strategic companies, while the geographical area of investment encompassed 23 countries.

Additionally, ADFD has deposited money in the central banks of some countries to support them to stabilise foreign currency reserves. The total amount of these deposits is Dhs56.1bn.

Mohamed Saif Al Suwaidi, the director general of ADFD, said: “We are steadily moving towards achieving our future aspirations and the UAE’s ambitious vision to support developing countries over their aspirations for progress. We owe our success to the support of our wise leadership; we are proud of our achievements.”

He added that the fund looks forward to attaining its goals over the next 50 years and making significant achievements, as well as strengthening the UAE’s leading position across several global competitiveness indicators.

At the national level, ADFD has provided loans worth Dhs1.94bn to support and empower Emirati companies to expand their business inside and outside the country.

The Abu Dhabi Exports Office, the export-financing arm of ADFD, has also played a key role in increasing the volume of export as it supported the efforts to diversify the national economy, and enhance the competitiveness of Emirati companies by providing financing worth Dhs316m.

Read: Abu Dhabi Exports Office, Capital Bank of Jordan financial deal to boost trade

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