Fund strengthens UAE’s ties with many countries

Staff Reporter, Gulf Today

One of the main tools adopted by the Abu Dhabi Fund for Development (ADFD) within its policy to support the national economy, is to expand the scope of work of national companies by enabling them to implement and develop projects in ADFD beneficiary countries receiving financing all around the world.

Sheikh Abdullah Bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, praised ADFD’s role in supporting and strengthening the UAE’s relations with many countries that created solid prospects for socioeconomic development across the world.

“Economic and social growth is a title for the development of countries and the progress and prosperity of their people. Over the course of five decades, we in the UAE have created a unique model for development, leadership and excellence that helped us achieve top rankings in global competitiveness and human development indexes,” he said.

Sheikh Abdullah, added that ADFD plays an important role in stimulating the economic growth of the UAE and enhancing the ability and competitiveness of national companies and exports to access global markets.  Sheikh Abdullah pointed out that looking to the future confirms our keenness to reach new horizons based on the ability of our national institutions to keep pace with developments and face challenges by applying international best practices to build a competitive economy based on knowledge and innovation.

Over the past 50 years, the Fund established crucial partnerships with regional and global financial institutions that enabled it to smoothly carry out its mission. These partnerships have also strengthened its position as a development institution and enabled it to achieve its economic objectives locally and globally. There is little wonder that UAE ranked first in the world for five consecutive years as an international donor of development aid, according to the Development Assistance Committee of the Organization for Economic Cooperation and Development (OECD).

Mohammed Saif Al Suwaidi, Director General of ADFD, expressed his gratitude and appreciation for His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE; His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai; and His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, all of whom followed the vision of the late Sheikh Zayed Bin Sultan Al Nahyan and enabled ADFD to support the international community in overcoming economic challenges and achieving sustainable growth and prosperity in developing countries.

Al Suwaidi, said: “ADFD has significantly contributed to the UAE’s effort and vision to become a global leader as a provider of economic and sustainable development assistance at local and international levels. Our achievements have been possible due to the support and direction provided by Sheikh Mansour Bin Zayed Al Nahyan and his keenness to put ADFD ahead of all major development and economic institutions in the region and beyond.”

 Al Suwaidi, added: “We are proud that our Dhs150 billion in development funding and investments have supported the UAE’s economy as well as those of developing countries, all the while helping beneficiary countries in developing infrastructure to achieve sustainable development.”

“We are on the cusp of a qualitative start for the next 50 years to become an enabler of a unique Emirati model of success. We have also fulfilled our resolve to optimally invest our resources so that we continue to remain a model for achieving sustainable economic development for a better future for all,” Al Suwaidi added.

The Fund works to strengthen partnership with the governments of developing countries to finance strategic development projects in vital sectors. It also manages and implements these projects in cooperation with the governments of the beneficiary countries to ensure their implementation in accordance with the plans set for them. The Fund’s projects focus on major sectors that directly contribute to achieving sustainable development. They include education, housing, water and electricity, agriculture, transport, industry and renewable energy.

Abu Dhabi Fund for Development (ADFD) is a leading national entity for economic development aid owned by the Abu Dhabi government. Established in 1971, it aims to help emerging countries by providing concessionary loans to finance sustainable development projects as well as administering long-term investments and direct contributions.