The Abu Dhabi Fund for Development (ADFD) has achieved remarkable results in 2023 with over AED216 billion ($58.8 billion) in cumulative development and investment financing. These funds have played a vital role in supporting economic and social development initiatives across beneficiary countries, showcasing the UAE’s commitment to global sustainability and prosperity.
ADFD’s latest annual report highlights the substantial contribution of AED120.5 billion in development financing by December 2023. This includes AED66 billion in concessionary loans and AED54.5 billion in government grants. Those loans and grants benefitted 106 countries worldwide. These funds have been instrumental in achieving development objectives, fostering economic growth, and improving the quality of life for communities across various continents.
ADFD has also enabled Emirati companies to expand their global footprint through the Abu Dhabi Exports Office (ADEX). With allocations of approximately AED3.2 billion between 2020 and 2023, ADEX has supported national exports.
The fund’s total investments amounted to AED12.6 billion across various sectors in 26 countries. Additionally, ADFD deposited AED78 billion with central banks in developing nations. Furthermore, it allocated AED5.3 billion in financing to bolster investment activities in beneficiary countries.
Sustainable development projects
In his foreword in ADFD’s 2023 annual report, Sheikh Mansour bin Zayed Al Nahyan, Vice President and Deputy Prime Minister of the UAE and Chairman of the Presidential Court, and Chairman of the Board of Directors of ADFD, emphasized the fund’s role in driving sustainable development globally. Recognizing the challenges developing countries face, ADFD provides essential funds and establishes global partnerships to empower nations in undertaking strategic projects. “This support empowers nations to undertake strategic projects, driving sustainable development and economic activity,” he added. Sheikh Mansour also highlighted the fund’s aim to support the private sector and give it priority within its main activities.
Strategic development projects
ADFD is committed to enhancing economic and social development in developing countries by implementing projects across several vital sectors. This includes renewable energy, agriculture, water, transport, education, health and tourism. These projects aim to positively impact the lives of communities and support the overall progress and prosperity of recipient nations.
In terms of investments, ADFD has made significant strides, contributing to the financial resources of beneficiary countries and generating job opportunities while improving living standards. Its investments encompass strategic companies and sectors which led to private-public sector partnerships.
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Supporting national economy
Supporting the national economy is at the core of ADFD’s mission. In 2019, the fund established ADEX to boost UAE exports, diversify income sources, and enhance economic competitiveness. For his part, Mohamed Saif Al Suwaidi, director general of ADFD, said: “We are committed to offering competitive financing solutions to boost national exports in global markets, thereby ensuring the realization of our objectives and further solidifying the UAE’s esteemed position on the global stage.”
Moreover, the fund actively supports strategic projects that aim to bolster the UAE’s national economy. Prioritizing the national private sector, ADFD provides essential funding that enables companies to expand their operations locally and globally.
In 2023, ADFD facilitated several significant projects. This includes financing the solar energy station project in Azerbaijan by Abu Dhabi Future Energy Company (Masdar) with a value of AED184 million. Additionally, ADFD provided AED40 million to the Emirati company Talc to finance agricultural projects in Somalia. Furthermore, it allocated AED177 million to support the Terminals Holding Group for the rehabilitation project of Kabul airport in Afghanistan.
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