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Sun 31 May 2020 04:46 PM

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Abu Dhabi Fund for Development launches $272.4m initiative to support national companies

Fund will provide loans to national companies in crucial sectors such as healthcare, food security and manufacturing

Abu Dhabi Fund for Development launches $272.4m initiative to support national companies

Mohammed Saif Al Suwaidi, director general of ADFD.

Abu Dhabi Fund for Development (ADFD) has announced a AED1 billion ($272.3m) initiative to support national companies during the Covid-19 pandemic.

The initiative, which lasts for the remainder of 2020, provides concessionary loans for national companies operating in sectors considered crucial to the UAE economy – such as healthcare, food security and manufacturing. It also considers firms in sectors that are bearing the brunt of the Covid-19-related disruption to business and economic activity.

Mohammed Saif Al Suwaidi, director general of ADFD, said: “The health of our national companies is a crucial driver of our long-term growth, resilience and development. By pledging an AED1bn allocation for concessionary loans to national companies through 2020, we ensure that businesses in key industry sectors can access the support they need to recover from the current crisis, continue operations, and bolster the national economy during this time.”

Over the last decade, ADFD has facilitated business deals worth AED16.5bn ($4.5bn) for UAE companies in its overseas projects.

In late 2019, ADFD also launched the Abu Dhabi Exports Office (ADEX) to support national exporters and open new markets for them, and in 2020, ADEX allocated AED550m ($150m) to support the strategic expansion of the nation's export businesses.

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