Abu Dhabi – Mubasher: The Abu Dhabi Fund for Development (ADFD), a government-funded aid finance institution, on Monday announced that it has invested up to AED 16.5 billion in business deals in developing countries over the past ten years.
The fund has provided facilities to 20 UAE-based companies to handle development projects in several countries across the world in the previous decade, according to ADFD’s statement.
Provided funding included loans and Abu Dhabi government-awarded grants to other partners in developing countries in a step to face economic challenges and improve the standard of living.
The fund introduced facilities to different fields including infrastructure, health, education, and renewable energy, data showed.
The statement pointed out that the fund has amended its tendering system for projects financed by ADFD-managed government grants.
“The fund seeks to strengthen the presence of UAE companies in developing countries through establishing long-term strategic relationships, especially with economies that enjoy competitive advantages,” Mohammed Al Suwaidi, director general of ADFD, commented.
It is worth mentioning that ADFD passed a law which stipulates increasing its capital to AED 16 billion and expanding its activities to include assisting private sector economic development projects in the UAE and overseas.
The fund is currently working on establishing a national export financing programme to provide financing and guarantee facilities to boost export rates and foray into new markets.
