Friday 22 March 2019
 
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Mohammed Saif Al Suwaidi

ADFD aid tops $22bn across 88 countries

ABU DHABI, 15 days ago

The Abu Dhabi Fund for Development (ADFD) has financed and managed thousands of developmental projects in 88 countries, valued at over Dh81 billion ($22 billion), said its director-general.

Mohammed Saif Al Suwaidi was speaking at the Al Bateen Majlis titled, "Pioneering and Sustainable Development," which was organised by the Majlis Affairs Office at the Abu Dhabi Crown Prince's Court, with the attendance of several officials and UAE nationals, reported Emirates news agency Wam.

"We cannot speak about the ADFD and its accomplishments over 47 years without mentioning the Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, who realised the importance of establishing the fund, to assist friendly peoples and countries and help achieve sustainable development," Al Suwaidi said.

Al Suwaidi added that the ADFD was established in 1971 as a developmental financial institution that aims to assist developing countries to achieve sustainable economic development. The Fund has been contributing since its establishment to introducing positive changes and ensuring sustainable development across a large number of developing countries, he further added.

He explained that the Fund’s activities are divided into two main sections: developmental funding and investment activities.

Al Suwaidi also noted several examples of the Fund’s key strategic projects, which include a project to expand the Bahrain International Airport, which was provided with around Dh3.3 billion by the fund, noting that the project is one of the ADFD’s major projects in the region.

The ADFD also provided Dh1.1 billion to fund a project to restore the Tangier Port in Morocco, which created over 55,000 job opportunities.




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