Abu Dhabi: Abu Dhabi Fund for Development (ADFD) financed 17 projects worth Dh5.6 billion in 2016 in seven countries, director general of the fund said on Wednesday while announcing annual results.
“ADFD financed and managed 17 development projects in 2016 with a total value of Dh5.6 billion, of which Dh3.9 billion were concessionary loans to four developing countries and Dh1.7 billion were government grants to finance 13 projects across seven countries,” said Mohammad Saif Al Suwaidi, director general of ADFD during a press conference in Abu Dhabi.
Established in 1971, ADFD provides concessionary loans to finance sustainable development projects along with other long-term investments and direct contributions. To date, it has financed projects worth Dh80 billion across 83 countries including Dh35 billion in concessionary loans and Dh42 billion as government grants.
ADFD’s company and private equity fund investments amounted to an estimated Dh3 billion, he said.
In 2016, it provided development grants to fund projects in St Vincent and Grenadines for a geothermal power station worth Dh55 million, in Morocco for high speed worth Dh147 million, in Argentina for hydropower plant worth Dh55 million and helped Serbia in general budget support of Dh3.7 billion.
The fund also managed five development grants with an approximate value of Dh119 million in Afghanistan and Yemen including in health care and food assistance programmes.
“We are supporting a variety of sectors such as infrastructure, education, health, housing, transport, irrigation, agriculture and renewable improving the lives of millions of people in beneficiary countries.”
Transport sector received a majority share of ADFD’s funding in the last 45 years with Dh13.2 billion in 87 projects, followed by health and social services sector with Dh9.7 billion in 91 projects and Dh7.6 billion funding in ninety two strategic water and electricity projects. The Fund also took up various other projects in housing, agriculture, irrigation, among others.
The organisation channelled 76 per cent of its funding to Arab countries having financed 339 development projects valued at Dh58 billion, Suwaidi said.
Asian countries received Dh4.6 billion in development finance across 66 projects and African countries were the recipients of Dh3.3 billion making up 4 per cent of the funding. Around Dh10.7 billion was utilised to fund 18 projects in Latin America and Europe.
In January this year, ADFD marked the completion of the fourth funding cycle of the ADFD, Irena project facility to support the renewable energy sector to the tune of $350 million over seven funding cycles. It is also supporting Pacific Island Countries in fulfilling their growing energy demand from renewable energy sources through $50 million (Dh183 million) UAE-Pacific Partnership Fund.
