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Tue 12 Jun 2018 02:17 PM

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Abu Dhabi fund provides project financing worth $380m in 2017

Abu Dhabi Fund for Development announces that it financed total of 11 projects across the world

Abu Dhabi fund provides project financing worth $380m in 2017
Mohammed Saif Al Suwaidi, director-general of the ADFD.

The Abu Dhabi Fund for Development (ADFD) has announced that it financed 11 development projects worth AED1.4 billion ($380 million) in 2017.

Totalling more than AED646 million, four of the 11 projects were allocated as concessionary loans to Egypt, Antigua and Barbuda and the Maldives, the fund said in a statement.

It added that 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, up AED3 billion over 2016 and expands its reach to 88 beneficiary countries.

Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs and chairman of the ADFD, said that the UAE’s comprehensive international development assistance programmes are guided by "solid principles and sound fundamentals".

Mohammed Saif Al Suwaidi, director-general of the ADFD, added: "As the leading national entity for development aid, the fund has contributed to bolstering the status of the UAE as a respected and valued member of the international community and a key global provider of development assistance."

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