UAE fund pumps $16bn into Arab infrastructure projects
UAE-based Abu Dhabi Fund for Development had invested a total of Dh80 billion ($22 billion) into key development projects, covering major sectors including infrastructure, education, health, housing, transport, irrigation, agriculture and renewable energy, across the globe till date.
Of this, 76 per cent of funds were channelled to Arab countries by ADFD which financed 339 development projects valued at Dh58 billion ($16 billion), said the Emirati fund.
Headlining a press conference at the ADFD headquarters to announce the annual results, Mohammed Saif Al Suwaidi, the director general, said the Emirati fund continued to deliver an outstanding performance in 2016 with the number of beneficiary countries reaching 83 last year.
Furthermore, the fund managed 17 development projects valued at Dh5.6 billion across seven beneficiary countries, dispensed Dh3.9 billion in concessionary loans to support four projects and Dh1.7 billion in government grants to finance 13 projects.
Al Suwaidi said: "The Fund carries out its sustainable development programmes that have supported tens of thousands of projects to date across the globe. Its efforts contribute to UAE’s leading position in development aid."
A report by the Development Assistance Committee (DAC) of the Organisation for Economic Co-operation and Development (OECD) named the UAE the top world aid donor in the field of official development assistance (ODA) for 2016. The country also attained the number one slot in 2013 and 2014.
"In 2016, ADFD excelled in forging new strategic partnerships with international stakeholders, most notably the International Center for Biosaline Agriculture (ICBA) and the Lives and Livelihoods Fund (LLF). These synergies underpin the Fund’s efforts in administering long-term development programmes and projects," he stated.
Having received a total of Dh13.2 billion across 87 projects, the transport sector got the lion's share of ADFD’s funding – 18 per cent – over the last 45 years.
Furthermore, the Fund spent Dh9.7 billion on financing 91 projects in the health and social services sector, representing almost 13 per cent of the total expenditure. Approximately 10 per cent of the funds – Dh7.6 billion – went to 92 strategic projects within the water and electricity sector.
The Fund expended nine per cent on the housing sector, having implemented 45 community housing projects worth an estimated Dh7.3 billion.
Apart from the Arab world, ADFD also invested in Asian countries which received Dh4.6 billion (adout six per cent of the total funds) in development finance across 66 projects. African countries got Dh3.3 billion across 74 projects, making up four per cent of the funding, said the company statement.
Furthermore, 14 per cent, approximately Dh10.7 million was utilised to fund 18 projects in other geographic locations particularly, Latin America and Europe, it added.
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