Abu Dhabi has doubled the capital available to the Abu Dhabi Fund for Development (ADFD) to AED16bn ($4.3bn) and has expanded its focus to also include the whole of the UAE, the WAM news agency reported.
“The activities of the Abu Dhabi Fund for Development (ADFD) has been expanded to include the United Arab Emirates, in addition to its fundamental role in achieving the state policy to promote the economic development in the developing countries,” a statement on WAM said.
It also confirmed that “the capital of the ADFD has been also raised to AED16 billion, instead of AED8 billion, in which the Government of Abu Dhabi will be fully subscribed.”
The ADFD was established in 1971 as a national entity to provide development aid to developing countries in the form of concessionary loans and administering grants on behalf of the Abu Dhabi government.
The total value of loans, grants and investments funded by ADFD during the past four decades, reach almost AED35bn for 325 development projects in 59 countries around the world.
ADFD’s project funding covers a wide range of sectors including health and education, irrigation and agriculture, water and electricity, roads and transportation.
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