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ABU DHABI – Despite the challenges posed by COVID-19, the Abu Dhabi Fund for Development (ADFD) continues to provide support and investment activities in developing economies in 2021. The fund has stepped up efforts to strengthen the local private sector and promote exports as part of its priorities to support the national economy.
ADFD’s 2021 Annual Report highlights what it has accomplished since its founding 50 years ago. The report outlines 10 key development projects it implemented last year with a total expenditure of AED743.9 million, including six soft loans worth AED642.5 million allocated to five countries.
The fund has also earmarked AED 101.4 million in government grants for four strategic projects in four countries. This brings the cumulative value of loans and government grants provided by ADFD to AED52 billion and AED52.9 billion respectively at the end of last year.
ADFD’s total investment of AED11 billion is allocated to four different sectors in 22 countries, covering a wide range of industries. This includes strategic contributions to 12 companies in different countries. In addition, ADFD contributes to countries’ foreign exchange reserves by depositing a total of AED41 billion with central banks.
By December 2021, ADFD’s financial, investment and bank deposits totaled AED156.9 billion, embodying the UAE’s future vision and pioneering model for full development.
Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of the Presidential Court and Chairman of the ADFD Board of Directors, said in the foreword to the annual report: “50 years have passed since the establishment of the Abu Dhabi Fund. July 1971 On the 15th, the Abu Dhabi Fund began its journey to create a significant socio-economic impact locally. And development work at a global level, culminating in a place among the world’s preeminent development institutions. Today, the organization is recognized for its Widely recognized for its contribution to the social and economic success of many developing countries and its role as a catalyst for the sustainable development and diversification of the UAE economy.”
He added: “The success of the Abu Dhabi Fund is attributed to the late President Sheikh Khalifa bin Zayed Al Nahyan and President Sheikh Mohamed bin Zayed Al Nahyan His Highness Yang. Their care and support have enabled the Fund to work tirelessly to achieve the consolidation of the UAE’s global position as the largest donor of development aid.
“The various strategic projects funded by ADFD and its initiatives initiated in partnership with governments, national agencies and regional funds contribute to the achievement of the Sustainable Development Goals, improved quality of life and the goals of the 2030 Development Plan in 103 countries.
“The fund actively pursues the UAE’s economic diversification policy and enhances the global competitiveness of the country’s exports through strategic partnerships with the private sector.
“We have invested heavily and disbursed over AED 150 billion in soft loans and grants to achieve our country’s vision and goals to stimulate the economies of developing countries and achieve sustainable development at the local and global levels.
“We would not have achieved this without the hard work and dedication of our employees. I am grateful for all of their extraordinary efforts to enable the Fund to achieve our mission and the vision and mission of our leadership.”
Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation and Vice Chairman of ADFD’s Board of Directors, called the establishment of ADFD a milestone in the history of the UAE. Highlighting the fund’s contribution to sustainable development efforts around the world, he said: “ADFD is committed to advancing the UAE’s development agenda, in line with its leadership’s vision to achieve prosperity for the people of developing countries. To this end, it has established Strategic partnerships with several regional and international financial institutions have in turn helped our country maintain its leadership in development.
“Over the past five years, the Fund has made great strides in delivering on its development mission, enabling the UAE to consolidate its enviable position in multiple global competitiveness indices. The Fund’s flexible strategy and proactive approach have also contributed to the country’s diversification. Domestically, the Fund’s expertise and diligence in creating new investment opportunities for UAE businesses has helped local businesses expand and enter new markets around the world, while creating attractive opportunities in the UAE and abroad. In addition, ADFD’s innovative tools and bespoke financing solutions have created new avenues for our country’s exports in global markets.”
He added: “We look forward to a better future for the world, and we will continue to support developing countries to achieve progress and prosperity, laying a solid foundation for a sustainable knowledge and innovation-based economy and enhancing competitiveness.”
ADFD Director General Mohamed Saif Al Suwaidi noted that the unwavering support ADFD has received from its leadership has enabled it to achieve extraordinary achievements and maintain its leadership among development agencies around the world. “Sheikh Mansour bin Zayed Al Nahyan’s mandate has made the UAE the world’s largest provider of development finance for the fifth consecutive year, while ADFD’s strategic projects and other unique initiatives in many developing countries have boosted their economies,” he explained .
Al Suwaidi noted that over five years, ADFD’s activities have expanded to 103 countries across different continents, while its financing has doubled to AED156.9 billion. In addition, the Fund supports the national economy through special initiatives and innovative tools.
He also noted that ADFD has meaningfully contributed to the growth of the UAE’s private sector as a strategic partner in national development. The fund creates opportunities for national companies by enabling them to develop and implement projects in beneficiary countries.
“We are confident that we will set more milestones and continue to lead and act decisively to ensure that the UAE’s global development model remains the benchmark for excellence. We will use knowledge and innovation to build a prosperous future for all while expanding Ours contribute to the long-term development of the UAE,” he concluded.
sustainable project.
The Abu Dhabi Development Fund provides soft loans, manages government grants and implements strategic projects to support the socio-economic goals of developing countries. These projects include areas such as infrastructure, transportation, housing, agriculture and water conservancy, industry, renewable energy, education, health and tourism. Fund support enables beneficiary countries to grow their economies and improve their quality of life.
Promising quality investment.
The Fund’s investments help stimulate economic growth and achieve sustainable development in countries that benefit from its development assistance. ADFD works with the public and private sectors to pursue investment opportunities in strategic companies and sectors serving important sectors of different countries by holding full or partial shares and investing in capital markets through deposits and bonds. Such investment activities have a profound impact on developing countries by providing many employment opportunities and improving the quality of life in communities.
A highly competitive national economy.
The Abu Dhabi Development Fund primarily supports the national economy through various initiatives and innovative financial instruments. The aim is to make the economy more diverse, competitive and sustainable. ADFD’s efforts in the UAE include: Financing private sector investment.
The Abu Dhabi Development Fund is aware that the private sector is the growth engine of the national economy; therefore, it supports and promotes Emirati companies both domestically and abroad. It is with this aim that ADFD is allocating AED3 billion over the 2021-2025 period to finance projects that have a tangible impact on the economy.
Drive exports through the Abu Dhabi Export Office.
The Abu Dhabi Export Office, the export financing arm of the Abu Dhabi Development Fund, continues to work as directed by the leadership, by strengthening Emirati companies and enabling them to expand their operations beyond national borders. The ultimate goal is to help diversify the economy.
The Export Office strives to support the export sector by providing financing solutions for UAE businesses to expand their global operations. It also offers buyers credit facilities on attractive terms, thereby encouraging them to purchase UAE products and services, which will ultimately allow the country to cement its position as an export hub.
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