50 years on, the global impact of the Abu Dhabi Fund for Development

The fund has financed thousands of strategic projects in 97 countries, creating major social and economic impacts. The volume of ADFD’s financing and investments has reached about AED150 billion.

As a result of these efforts, ADFD has contributed to the UAE’s position as the first and largest donor of development aid worldwide for five consecutive years.

Over the past years, the fund has launched initiatives and developed new tools that contributed to the growth of the national economy by enhancing the role of the private sector as an effective strategic partner in the development process.

One of the main tools adopted by the fund 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.

ADFD launched the Abu Dhabi Exports Office (ADEX) to support national companies and build a diversified and sustainable economy by providing financing solutions and guarantees to importers of Emirati products and services.

This has contributed to increasing national export rates and opening new markets for them.

To support the UAE’s policy aimed at promoting the adoption of clean energy at the global level and accelerating the pace of transition towards renewable energy, ADFD also launched a global initiative to support renewable energy projects in cooperation with the International Renewable Energy Agency (IRENA), valued at $350 million.

The initiative enabled developing countries to use renewable energy technologies, which lead to the reduction of greenhouse gases and harmful carbon emissions causing  climate change. Additionally, the fund contributed to financing two initiatives to support energy projects in the 27 Pacific and Caribbean countries, with a total value of $100 million.

Mitigate the impact of Covid-19

ADFD has also launched several initiatives to mitigate the impact of the pandemic on the economic activities in the UAE and developing countries.

At the national level, an AED1 billion initiative was launched to support national companies operating in vital sectors that are mostly affected by the repercussions of the pandemic.

Target sectors include healthcare, food security and industry.  Globally, the fund contributed to the pledge of the Arab Coordination Group to allocate $10 billion to help developing countries recover from the economic stagnation caused by the pandemic.

ADFD also launched a pioneering initiative that allowed the postponement of debt repayments by developing countries and companies benefiting from the fund’s loans during 2020.

Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and chairman of ADFD, said: “Today, we celebrate the historical decision issued by the late Sheikh Zayed bin Sultan Al Nahyan, to establish the Abu Dhabi Fund for Development. Throughout its notable history, ADFD has achieved key milestones and is preparing for the next 50 years with an ambitious strategy to support the UAE’s role in achieving sustainable development locally and globally.”

He added: “The fund has become one of the most prominent development institutions in the world, and a key contributor to building the economies of developing countries, all the while positively supporting people’s lives.”

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.

Mohammed Seif Al Suwaidi (pictured below), director general of ADFD, added: “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.

“We are proud that our AED150 billion in 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.