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336329
Thu, 07/24/2014 - 10:33
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Abu Dhabi Fund for Development celebrates 43rd Anniversary

Abu Dhabi (WAM): The Abu Dhabi Fund for Development (ADFD), the Abu Dhabi government-controlled leading provider of foreign development aid has reiterated U.A.E.’s continued commitment to support the development process of emerging countries. Marking its 43rd anniversary this month, the fund which was established on July 15, 1971 on the directive of the U.A.E.’s founder President, the late Sheikh Zayed bin Sultan Al Nahyan, in a report has said that ADFD is today one of the most prominent development aid providers in the world and a role model in providing financial aid to fight the cause of global poverty. Towards this priority, ADFD offers soft loans and manages government grants to projects that play a key role in shaping the growth of these countries. In addition, it also makes long-term investments and direct contributions that stimulate the private sector in the recipient countries and plays an essential role in accelerating economic growth. ADFD’s funding strategy focuses on sectors that are vital for both economic and social development such as agriculture, electricity, water, transportation, industry, renewable energy, as well as social, health and housing services. Over the years, the fund has consistently responded to the changing directions of global development aid by increasing its capital from Dh8 billion to Dh16 billion, and lately by developing its five-year strategy (2012 - 2016). Mohammed Saif Al Suwaidi, Director- General of ADFD, said that "On the occasion of ADFD’s 43rd anniversary, we would like to record our appreciation and gratitude to late Sheikh Zayed bin Sultan Al Nahyan who established this fund out of his deep conviction that it is the duty of the U.A.E. to lend a helping hand to friendly countries, and contribute to the economic development and improved living standards of those countries." Al Suwaidi added that the fund has become a pioneering example in the field of development aid. Starting with a capital of Dh500 million in 1971, the total value of the grants managed and loans provided by the fund by the end of the second quarter of 2014 reached Dh61 billion including Dh27.7 billion short and long-term loans, and Dh41 billion provided as government grants. The Fund has so far financed 416 development projects in 69 countries around the world, reflecting its continuing commitment in playing an effective role in alleviating poverty in developing countries, and setting them on a development path. Among the major projects managed by ADFD are Ma’rib Dam in Yemen, which was financed by a government grant in 1986 and is considered one of the largest projects in Yemen. Other projects include Egypt’s Sheikh Zayed City, a housing projects funded with Dh735 million government grant, Sheikh Zayed Canal built using an Dh348 million grant, and the Tangier Port in Morocco financed with Dh367 million. On a global scale, the Fund has contributed to the financing and managing of several projects in sectors including water and electricity, road and transportation, education and health in Arab, Asian and African countries. In the Arab world, ADFD has provided more than Dh54 billion to finance projects in Bahrain, Oman, Jordan, Palestine, Egypt, Syria, Yemen, Sudan, Algeria, Mauritania, Tunisia, Lebanon, Somalia, Djibouti, and the Comoros Islands. In Asia, ADFD has financed projects worth Dh3.691 billion in Indonesia, Bangladesh, India, Pakistan, Afghanistan, Sri Lanka, Malaysia, Mongolia, Armenia, Azerbaijan, Indonesia, Kazakhstan, Tajikistan, Kyrgyzstan, Turkmenistan, and the Maldives. Additionally, it has provided around Dh2.73 billion to fund projects in Africa that have widely benefitted countries including Mauritius, Seychelles, Gambia, Eritrea, Burkina Faso, Benin, Guinea, Tanzania, Lesotho, Senegal, Uganda, Congo, Congo Brazzaville, Kenya, Burundi, Guinea Bissau, Madagascar, Malawi, Mali, Niger, Sierra Leone, Ethiopia, Zambia, South Sudan and Cape Verde. Elsewhere, the Fund has provided Dh1.2 billion to finance development projects in countries such as Turkey, Malta, Albania and Montenegro, among others. In 2009, ADFD signed a partnership agreement with the International Renewable Energy Agency (IRENA) to provide soft loans worth Dh1.28 billion to finance renewable energy projects in developing countries, across a seven year period (Dh183 million a year). In 2013, the U.A.E. Government provided three development grants within two GGC programmes to support development in Jordan, Morocco and Bahrain, estimated at a total value of US$19 billion. Of this Dh9.19 billion has been allocated to Bahrain and Dh4.6 billion to Jordan and Morocco towards developing vital growth projects in these countries. In 2013, the fund continued its support for developing countries by providing loans to finance projects in Mauritania, Albania, Bangladesh and Kenya. In the first half of 2014, ADFD signed a number of financing agreements with countries including Gambia, Senegal, Zambia, Serbia, Sierra Leone and Mauritania to provide development aid totalling over Dh534 million. The projects financed by ADFD undergo intensive technical and economic assessment to ensure their viability in stimulating sustainable economic development in the beneficiary countries. – Emirates News Agency, WAM – Read more: http://www.wam.ae/en/news/emirates/1395268058216.html

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