ADFD’s financing and investments doubled over 50 years in 97 nations
Since its establishment in 1971, Abu Dhabi Fund for Development (ADFD) has been playing a leading role in translating into reality the UAE’s vision to strengthen the economies of developing countries, as well as supporting the national economy and enhancing its competitiveness at the global level.
Over the past 50 years, the Fund has financed thousands of strategic projects in 97 countries, creating major social and economic impacts. The volume of ADFD’s financing and investments doubled to reach about Dhs150 billion. The Fund adopted a diversified investment strategy that played an important role in stimulating the UAE economy in developing countries. As a result of these efforts, ADFD contributed to the UAE’s position as the first and largest donor of development aid worldwide for five consecutive years.
Supporting the national economy and enhancing its competitiveness constituted a strategic objective for ADFD within the framework of the UAE’s pioneering policy of economic diversification. Over the past years, the Fund has launched initiatives and developed new tools that contributed to the growth of the national economy. This was done by enhancing the role of the private sector as an effective strategic partner in the development process.
ADFD launched the Abu Dhabi Exports Office (ADEX), to support national companies and build a diversified and sustainable economy by providing financing solutions and guarantees to importers of Emirati products and services. This has contributed to increasing national export rates and opening new markets for them. The establishment of ADEX falls in line with many ambitious initiatives and plans, such as the UAE Vision 2021, the Abu Dhabi Economic Vision 2030, and the UAE Centennial 2071, aiming to develop the national economy and achieve the policy of economic diversification.
To support the UAE’s policy aimed at promoting the adoption of clean energy at the global level and accelerating the pace of transition towards renewable energy, ADFD launched a global initiative to support renewable energy projects in cooperation with the International Renewable Energy Agency (IRENA), valued at $350 million. The initiative enabled developing countries to use renewable energy technologies, which lead to the reduction of greenhouse gases and harmful carbon emissions causing climate change. Additionally, the Fund contributed to financing two initiatives to support energy projects in the 27 Pacific and Caribbean countries, with a total value of $100 million.
ADFD launched several initiatives to mitigate the impact of the pandemic on the economic activities in the UAE and developing countries. At the national level, a Dhs1 billion initiative was launched to support national companies operating in vital sectors that are mostly affected by the repercussions of the pandemic. Target sectors include health care, food security and industry. Globally, the Fund contributed to the pledge of the Arab Coordination Group to allocate $10 billion to help developing countries recover from the economic stagnation.
ADFD also launched a pioneering initiative that allowed the postponement of debt repayments by developing countries benefiting from the Fund’s loans during the year 2020. The initiative is in line with the position of the UAE government in support of the G20 resolution. It aimed at suspending debt payments owed by developing countries to help them meet their development needs.
Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and Chairman of the Board of Directors of ADFD, said: “Today, we celebrate the historical decision issued by the late Sheikh Zayed Bin Sultan Al Nahyan, to establish the Abu Dhabi Fund for Development. Throughout its notable history, ADFD has achieved key milestones and is preparing for the next 50 years with an ambitious strategy to support the UAE’s role in achieving sustainable development locally and globally.”
Sheikh Mansour, added: “Under the leadership of Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, and the continuous follow-up of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, the Fund has become one of the most prominent development institutions in the world, and a key contributor to building the economies of developing countries, all the while positively supporting people’s lives.”
Sheikh Mansour noted that ADFD has succeeded over the past 50 years in managing concessionary loans, development grants and technical expertise provided by the Abu Dhabi government to friendly developing countries. This led to comprehensive development, all the while assisting developing countries in addressing economic challenges and improving the standard of living.
Sheikh Mansour commended ADFD’s management and employees on the Golden Jubilee of its establishment, and thanked them for their outstanding efforts in reflecting the image of the UAE and consolidating its prestigious position in the international community.