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Jun, 13 2018

Abu Dhabi Fund Development Financed 11 Projects Worth AED 1.4 Billion

They also added that the remaining seven projects that were funded via development grants amounting to AED754 million, which was used for aiding Colombia, Yemen, Comoros, Eritrea, Somalia, Palestine and Maldives.

Abu Dhabi Fund Development Financed 11 Projects Worth AED 1.4 Billion

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

In a statement ADFD said that total of more than AED646 million, four out of the 11 projects were allocated as concessionary loans to Egypt, Antigua and Barbuda and the Maldives.

They also added that the other seven projects that were funded via development grants are of AED754 million, which was used for 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  UAE’s comprehensive international development assistance programmes are guided by "solid principles and sound fundamentals".

The director-general of the ADFD, Mohammed Saif Al Suwaidi, 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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