Abu Dhabi: Abu Dhabi Fund for Development (ADFD) on Sunday announced a Dh1 billion initiative to support national companies that have seen their businesses affected by the COVID-19 pandemic.
The initiative, which lasts for the duration of 2020, provides concessionary loans for national companies operating in sectors crucial to the UAE economy – such as healthcare, food security and manufacturing. Other sectors that have also seen their economic activity disrupted by the pandemic will also be considered for support under the programme.
The initiative has been launched under the directives of Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and Chairman of ADFD’s Board of Directors; and is supported by His Highness Shaikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and Deputy Chairman of ADFD’s Board of Directors.
“ADFD is determined to support our national companies during these exceptional circumstances. The health of our national companies is a crucial driver of our long-term growth, resilience and development,” said Mohammad Saif Al Suwaidi, director general of ADFD, said
“By pledging Dh1 billion allocation for concessionary loans to national companies through 2020, we ensure that businesses in key industry sectors can access the support they need to recover from the current crisis, continue operations, and bolster the national economy during this time,” he added.
“We are confident that our national companies will emerge from this current situation stronger and more resilient, as we continue on the path of sustainable growth and economic diversification,” Al Suwaidi said.
Also this month, the Abu Dhabi Exports Office, which was launched by ADFD last year, announced that it was allocating Dh550 million to support the UAE’s export sector.
Owned by the Abu Dhabi Government, ADFD’s development projects and investments are valued at Dh102 billion, with the group having facilitated business deals worth Dh16.5 billion for UAE companies in its overseas projects over last decade.