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ADFD funded Dh5.6b projects in 2016

Staff Report/Abu Dhabi
Filed on May 24, 2017
ADFD funded Dh5.6b projects in 2016
ADFD's development funding in 2015 recorded Dh1.9 billion.

(Supplied photo)

The Abu Dhabi Fund for Development (ADFD) managed 17 development projects valued at Dh5.6 billion across seven beneficiary countries, dispensed Dh3.9 billion in concessionary loans to support four projects and Dh1.7 billion in government grants to finance 13 projects last year.

Addressing a press conference at the ADFD headquarters to announce the annual results for 2016, Mohammed Saif Al Suwaidi, director-general of ADFD, said that from its inception in 1971 till end-2016, the ADFD's total development funding and investment portfolio registered Dh80 billion, with the number of beneficiary countries reaching 83. Of this amount, concessionary loans totalled Dh35 billion, while UAE government grants accounted for Dh42 billion. The ADFD's company and private equity fund investments amounted to an estimated Dh3 billion.

In contrast, ADFD's development funding in 2015 recorded Dh1.9 billion, of which Dh1.2 billion comprised government grants, and Dh700 million was expended as concessionary loans. By end-2015, aggregate development funding and investments constituted Dh76 billion expended across 78 countries.

"The fund carries out its sustainable development programmes that have supported tens of thousands of projects to date in line with the directives of the UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan, the guidance of His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and the counsel of Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and chairman of ADFD's board of directors," Al Suwaidi said.

"In 2016, ADFD excelled in forging new strategic partnerships with international stakeholders, most notably the International Centre for Biosaline Agriculture and the Lives and Livelihoods Fund. These synergies underpin the Fund's efforts in administering long-term development programmes and projects," he added.

The ADFD supports a variety of sectors, such as infrastructure, education, health, housing, transport, irrigation, agriculture and renewable energy, that directly improve the lives of millions of people."This achievement demonstrates the commitment of the UAE leadership towards development aid and its unwavering dedication to playing an active role in achieving the United Nations' sustainable development goals [SDGs]. Furthermore, it testifies to the country's success in helping people across developing countries attain their socio-economic objectives and supporting them in overcoming challenges," Al Suwaidi said.

Having received a total of Dh13.2 billion across 87 projects, the transport sector claimed a majority share of ADFD's funding - 18 per cent - over the last 45 years. Furthermore, the fund spent Dh9.7 billion on financing 91 projects in the health and social services sector, representing almost 13 per cent of the total expenditure. Approximately 10 per cent of the funds - Dh7.6 billion - went to 92 projects within the water and electricity sector.

The fund expended nine per cent on the housing sector, having implemented 45 community housing projects worth an estimated Dh7.3 billion. The agriculture, irrigation and land reclamation sector accounted for nine per cent of the total funds - Dh6.7 billion - across 56 projects. The remaining 36 per cent was allocated across a number of projects in various sectors.

By end-2016, the ADFD channelled 76 per cent of its funding to Arab countries, having financed 339 development projects valued at Dh58 billion. Amounting to six per cent of the total funds, Asian countries received D4.6 billion in development finance across 66 projects. African countries were the recipients of Dh3.3 billion across 74 projects, making up four per cent of the funding.

Furthermore, 14 per cent, approximately Dh10.7 million was utilised to fund 18 projects in other geographic locations particularly, Latin America and Europe.

The ADFD continues to support Pacific Island countries in fulfilling their growing energy demands from renewable sources through the $50 million (Dh184 million) UAE-Pacific Partnership Fund. 2016 witnessed the launch of operations on five projects in the Solomon Islands, the Marshall Islands, Nauru, Palau and Micronesia.

- business@khaleejtimes.com

 





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