Abu Dhabi Fund for Development celebrates fifty years
Abu Dhabi Fund for Development (ADFD) 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 AED150 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 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. One of the main tools adopted by the Fund within its policy is to expand the scope of work of national companies by enabling them to implement and develop projects in ADFD beneficiary countries receiving financing all around the world.
ADFD launched Abu Dhabi Exports Office 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..
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 US$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 US$100 million.
His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and Chairman of the Board of Directors of ADFD 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.
His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation added that ADFD plays an important role in stimulating the economic growth of the UAE and enhancing the ability and competitiveness of national companies and exports to access global markets. HH Sheikh Abdullah pointed out that looking to the future confirms our keenness to reach new horizons based on the ability of our national institutions to keep pace with developments and face challenges by applying international best practices to build a competitive economy based on knowledge and innovation.
His Excellency Mohammed Seif Al Suwaidi, Director General of ADFD, pointed out, “We are on the cusp of a qualitative start for the next 50 years to become an enabler of a unique Emirati model of success. We have also fulfilled our resolve to optimally invest our resources so that we continue to remain a model for achieving sustainable economic development for a better future for all.”
