http://www.khaleejtimes.com/kt-article-display-1.asp?section=uaebusiness&xfile=data/uaebusiness/2014/july/uaebusiness_july307.xml
ADFD funding in underdeveloped countries hit Dh61b
*Staff Report (haseeb_at_khaleejtimes.com <haseeb_at_khaleejtimes.com>) / 30 July
2014*
* The development finance institution articulates the UAE's continued
commitment to support the development process of emerging countries. *
*[image: An exterior view of power plant in Eritrea. The Abu Dhabi Fund
for Development has provided around Dh2.73 billion to fund projects in
Africa. -- Supplied photo]*
*An exterior view of power plant in Eritrea. The Abu Dhabi Fund for
Development has provided around Dh2.73 billion to fund projects in Africa.
-- Supplied photo*
Abu Dhabi Fund for Development, or ADFD, which is celebrating its 43rd
anniversary this month, has funded Dh61 billion development projects in the
underdeveloped countries.
Established on July 15, 1971 on the directive of the UAE's founder
President, the late Shaikh Zayed bin Sultan Al Nahyan, ADFD is 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.
The development finance institution articulates the UAE's continued
commitment to support the development process of emerging countries.
Towards this priority, the Fund 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: "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.
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 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 totaling over Dh534 million.
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Received on Wed Jul 30 2014 - 09:07:19 EDT