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Abu Dhabi Fund for Development - National day 2001

posted on 08/12/2001: 1982 views

By extending development aid and loans to brotherly and friendly developing countries, the UAE has joined the club of the world's most generous donors and creditors. The Abu Dhabi Fund for Development (ADFD) is one of the most active financing agencies in the country. Since its foundation in 1971, the ADFD has offered development loans in the tune of Dh 16.5 billion by November 2001 to finance 223 projects in over 55 Arab, African and Asian countries.

Speaking on the glorious occasion of the 30th anniversary of the country's national day, Sheikh Sultan bin Zayed Al Nahyan, Deputy Prime Minister and ADFD Deputy Chairman, said Abu Dhabi government had early sensed the serious challenges faced by developing countries and the pressing need for more constructive international cooperation to meet requirements of development in emerging Arab, African and Asian economies.

Towards this end, President H.H. Sheikh Zayed bin Sultan Al Nahyan has ordered the creation of the fund to offer financial assistance to these countries to help them develop their local economies, achieve sustainable development and improve living standards of their peoples. The aid is being offered as grants and easy term loans, or used in direct investment projects. '' We have occupied a leading position among global donors although we are still a young developing state,'' Sheikh Sultan said.

In line with the ADFD's policy to assist countries to achieve their own economic development, more attention is being focused on development projects that create better infrastructure, improve social, health and educational services and generate employment opportunities, Sheikh Sultan added. In addition to financial grants and loans, the ADFD has expanded its activities to include direct investment in private enterprises to enhance the contribution of the private sector to economic development in the recipient countries. Emphasis is given to the tourism sector for its potentials to create new job opportunities and earn foreign currencies. Direct investment in private sector in recipient countries totalled Dh 464 million.

ADFD Director General Saeed Khalfan Al Rumaithi said the fund had so far committed Dh 16.5 billion to undertake 223 projects in 55 Arab, African and Asian countries. Of the total commitments Abu Dhabi Government offered Dh 7.1 billion. The ADFD is also managing an assistance programme financed by Abu Dhabi Government. Arab countries received 89.2 per cent (Dh 6.3 billion) of the gross value of financial commitments by Abu Dhabi government, while African countries received 9 per cent (Dh 639 million). Asian ountries were allocated Dh 35.8 million.

Of the total loans and aid extended by both the fund and Abu Dhabi government, 85.1 per cent went to the Arab world, 7.8 per cent to Africa, 4.8 per cent to Asia and 2.2 per cent to other countries.

'On November 16, 2001 , six loan agreements worth Dh 977 million were signed with Pakistan government to finance water and power projects, he added.

The list of countries which have benefited from the ADFD's assistance programme are : Egypt, Syria, Jordan, Oman, Morocco, Tunisia, Algeria, Palestine, Bahrain, Yemen, Sudan, Lebanon, Somalia, Mauritania and Dijibouti, Pakistan, Khazakhstan and Turkmenistan.

Development projects undertaken in these countries covered the sectors of agriculture, water, electricity, fisheries, animal wealth, transport, communications, tourism, hotel, industry, social services, housing, roads and seaports

(The Emirates News Agency, WAM)


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