The Abu Dhabi Fund for Development headquarters in Abu Dhabi.
Abu Dhabi Fund for Development (ADFD) continued its support and investment activities across developing economies in 2021, despite the challenges posed by COVID-19. The Fund stepped up its efforts to strengthen the local private sector and promote exports as part of its priority to bolster the national economy.
ADFD’s annual report for 2021 highlights its achievements since its inception 50 years ago. The report gives an overview of the 10 key development projects it implemented last year with a total outlay of Dhs743.9, including six soft loans worth Dhs642.5 million allocated to five countries.
The Fund also earmarked Dhs101.4 million in government grants for four strategic projects in four countries. This takes the cumulative value of the loans and government grants provided by ADFD till the end of last year to Dhs52 billion and Dhs52.9 billion respectively.
ADFD’s investments totalled Dhs11 billion allocated to four different segments in 22 countries covering a wide range of sectors. This includes strategic contributions to 12 companies in various countries. Additionally, ADFD contributed to the foreign reserves of countries by depositing a total of AED41 billion with their central banks.
Together, ADFD’s finances, investments and bank deposits stood at AED156.9 billion by December, 2021, articulating the UAE’s futuristic vision and pioneering model to achieve comprehensive development.
In the foreword of the annual report, Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of the Presidential Court, and Chairman of the ADFD Board of Directors, said, “Fifty years have passed since the establishment of the Abu Dhabi Fund for Development, which coincided with the historic decision of the late Sheikh Zayed bin Sultan Al Nahyan that led to the formation of the State of the Union. On July 15, 1971, the Abu Dhabi Fund began its journey creating remarkable socioeconomic impacts at the local and global levels along the way through developmental work, eventually carving out a place for itself among the most prominent development institutions in the world. Today, the organisation is widely recognised for its contributions to social and economic successes of many developing countries and as a catalyst of sustainable development and diversification of the UAE’s economy.”
He added, “The success of the Abu Dhabi Fund owes to the late President, Sheikh Khalifa bin Zayed Al Nahyan; as well as President His Highness Sheikh Mohamed Bin Zayed Al Nahyan. Their care and support enabled and encouraged the Fund to work tirelessly towards consolidating the UAE’s global position as the largest donor for development assistance.
“The various strategic projects ADFD financed and programmes it launched in partnership with governments, national institutions and regional funds contributed to the realisation of sustainable development goals for 103 countries, improvement of the quality of life, and achievement of the objectives of the 2030 development plan.
“The Fund actively pursued the UAE’s policy of economic diversification through a strategic partnership with the private sector and enhanced the global competitiveness of national exports.
“To fulfil our country’s vision and objectives to stimulate the economies of developing nations and achieve sustainable development at the local and global levels, we have invested heavily and disbursed more than AED150 billion in soft loans and grants.
“All this would not have been possible for us to achieve without the hard work and dedication of our employees. I thank all of them whose exceptional efforts have enabled the Fund to fulfil our mission and the vision and mission of our leadership.”
For his part, Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation and Vice Chairman of the ADFD Board of Directors, called the establishment of ADFD a milestone in the UAE’s history. He highlighted the Fund’s contributions to sustainable development efforts around the world by saying, “ADFD devoted efforts to promoting the UAE’s development agenda in line with the vision of its leadership to achieve prosperity for the people of developing countries. To this end, it has forged strategic partnerships with several regional and international financial institutions, which in turn helped our country to maintain its developmental leadership.
“Over five decades, the Fund has made great strides in fulfilling its developmental mandate, enabling the UAE to solidify its enviable position on several global competitiveness indices. The Fund’s flexible strategies and proactive initiatives have also contributed significantly to the diversification and competitiveness of the national economy.”