ADFD: $32bn allocated for development projects in 103 countries since fund's inception

Fund has also provided loans worth nearly $530m to help Emirati companies expand their businesses

Abu Dhabi Fund for Development has allocated funds worth Dh117.42 billion ($32bn) for various development projects since its inception in 1971, it said on Tuesday.

The funding has benefited 103 countries around the world, ADFD said in a statement as it marked its 51st anniversary.

The state-owned fund has offered soft loans worth Dh58.12bn to developing countries and disbursed Dh59.30bn in government grants.

ADFD was established in July 1971 by Sheikh Zayed, the Founding Father, with the aim of helping developing countries strengthen their economies by providing concessionary loans for development projects as well as through long-term investments and direct contributions.

The fund’s total loans, investments and deposits currently amount to Dh185.2bn, it said.

“We are steadily moving towards achieving our future aspirations and the UAE’s ambitious vision to support developing countries over their aspirations for progress,” said Mohamed Al Suwaidi, ADFD's director general.

ADFD, an autonomous national entity, has invested Dh11.7bn in several sectors through six financial tools in the past 51 years.

It has also invested in 14 strategic companies, while the geographical area of investment encompasses 23 countries, the statement said.

Over the years, ADFD has also deposited money in the central banks of some countries to help them stabilise foreign-currency reserves. The total amount of these deposits stands at Dh56.1bn.

Besides managing development grants given by the Abu Dhabi government, ADFD said it has adopted a policy of supporting the national economy by driving private-sector investments, financing national exports and enabling exporters to expand into global markets.

At the national level, it has created various opportunities for Emirati companies, providing loans worth more than Dh1.9bn to help them expand both inside and outside the country.

The Abu Dhabi Exports Office (ADEX), the export-financing arm of ADFD, has also played a key role in increasing the volume of exports as it supports the UAE's efforts to diversify the national economy.

ADEX, which has provided financing worth Dh316 million to Emirati companies, also provides financing solutions and guarantees to importers of local products and services.

ADFD is also collaborating with a number of local and international companies.

Last month, in association with Abu Dhabi’s Masdar, ADFD committed to supporting the International Renewable Energy Agency's $1bn Energy Transition Accelerator Financing platform, which aims to support new renewable energy projects in developing countries.

ADFD has previously completed renewable energy projects in a number of locations, including Cuba, Somalia, the Bahamas, Barbados, and Saint Vincent and the Grenadines.

The fund also said last month that it had completed a $70m project for the refurbishment and expansion of two grain silos in Jordan, as the country seeks to raise storage capacity in response to current food supply problems.

In January, it formed a $104.8m joint venture with Bangkok-based Minor International Public Company Limited to invest in five tourist resort assets in Thailand.