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UAE fund provides grants to 58 countries

Source : IANS
Last Updated: Wed, Dec 05, 2012 20:10 hrs

Abu Dhabi, Dec 6 (IANS/WAM) The Abu Dhabi Fund for Development (ADFD), since its establishment four decades ago, has provided loans and grants for 323 development projects in 58 developing countries at a total value of 29 billion dirhams.

Loans and assistance offered by the ADFD and the government of Abu Dhabi throughout 2012 stood at 393 million dirhams.

The ADFD was established in 1971 as a leading national entity to provide development aid to developing countries in the form of concessionary loans and grants on behalf of the Abu Dhabi government.

The ADFD encourages the private sector in recipient countries to play an essential role in accelerating the economic development process.

The fund has given special importance to the development of infrastructure, agriculture, industry, transportation, water and electricity.

--IANS/WAM

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