ADFD boosts sustainability with Dhs216b in financing, investments
ADFD’S latest annual report highlights total development financing, which amounted to Dhs120.5 billion by December 2023; the Fund’s total investments amounted to Dhs12.6 billion
Abu Dhabi Fund for Development (ADFD) achieved remarkable results in 2023, with its operational activities witnessing a significant increase in cumulative development and investment financing, surpassing Dhs216 billion. These funds played a crucial role in supporting the economic and social development initiatives of beneficiary countries.
ADFD’S latest annual report highlights total development financing, which amounted to Dhs120.5 billion by December 2023. This includes Dhs66 billion in concessionary loans and Dhs54.5 billion in government grants. Benefiting 106 countries across various continents, these funds have contributed to the atainment of development objectives, spurred economic growth, and enhanced the quality of life for communities.
Closer home, the Fund enabled Emirati companies expand their global presence through the Abu Dhabi Exports Office (ADEX), ADFD’S export financing arm, allocating approximately Dhs3.2 billion between 2020 and 2023 to support national exports.
On the investment front, the Fund’s total investments amounted to Dhs12.6 billion, spread across seven key investment tools and 16 companies in various sectors, spanning 26 countries. Additionally, the Fund deposited Dhs78 billion with Central Banks in developing nations and allocated Dhs5.3 billion in financing to bolster investment activities in beneficiary countries.
Consequently, the Fund’s total financing, investments, and bank deposits surpassed Dhs216 billion by December 2023. These remarkable achievements underscore the commitment of the leadership to support ADFD’S objectives, solidifying its position as a global player in advancing sustainable development.
Sustainable projects: In the foreword in the Fund’s 2023 annual report, His Highness Sheikh Mansour Bin Zayed Al Nahyan, Vice President of the UAE, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the Board of Directors of Abu Dhabi Fund for Development, said: “In the face of escalating global challenges, achieving sustainable development and enhancing the improving societies in developing countries is crucial for ensuring their prosperity and stability. ADFD plays a crucial role in this pursuit, implementing sustainable development and investment projects that significantly contribute to economic and social progress. The enduring support of the leadership has been instrumental in ADFD’S milestones both locally and globally.”
His Highness Sheikh Mansour added that the Fund achieved success at the local and global levels due to the steady support of the leadership. “Recognizing the challenges that developing countries encounter in executing their development programs, ADFD’S role involves providing essential funds and establishing global partnerships. This support empowers nations to undertake strategic projects, driving sustainable development and economic activity.”
He pointed out that the Fund tries to sustain the growth of the national economy by enhancing the role of the private sector, and giving it priority within its main activities, and providing the necessary support for the growth of companies’ businesses in vital sectors. The Fund also contributes to the development of national exports and provides credit facilities for importers of UAE goods and services so the local businesses can expand operations in the global market.
Sustainable partnerships: Sheikh Abdullah Bin Zayed Al Nahyan, Minister of Foreign Affairs and Deputy Chairman of the Board of Directors of Abu Dhabi Fund for Development, said: “The United Arab Emirates stands as a global exemplar of sustainable partnerships and international cooperation. At the forefront of this effort is ADFD, a prestigious national institution instrumental in advancing economic and social development worldwide.
Underpinned by the UAE’S forward-looking vision and the leadership’s guidance, ADFD has achieved many milestones over its 52-year history, championing economic and social transformation and prosperity for societies benefiting from its projects.”
Sheikh Abdullah emphasized the significant role played by ADFD in supporting the national economy by fostering investments and trade. The Fund prioritizes the national private sector in implementing strategic projects and provides promising growth opportunities. It operates locally and globally, recognizing its crucial role in driving economic development in the UAE. Additionally, through the Abu Dhabi Exports Office, the Fund contributes to building a robust and diverse economy by facilitating the expansion of Emirati businesses and enabling national exports to access global markets. He stated that ADFD has proven its distinction as a global model that works to achieve sustainable economic development and enhance international cooperation with various national bodies and global institutions.