Arab Today, arab today adfd provided total loans worth dh1499bn
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Arab Today, arab today
Arab Today, arab today

ADFD provided total loans worth Dh14.99bn

Arab Today, arab today

Arab Today, arab today ADFD provided total loans worth Dh14.99bn

Abu Dhabi - WAM

Since its inception the Abu Dhabi Fund for Development (ADFD) has provided total loans worth Dh 14.99 billion, and also managed loans and grants provided by the government, which estimated to Dh 14.36 billion. In addition, the cumulative total of ADFD investment is more than Dh 1 billion distributed to 15 investment companies in developing countries. According to ADFD report, the total value of loans and grants that have been funded by both the fund and UAE Government is more than Dh 28 billion allocated to finance 321 development projects covered 59 developing countries around the world. During the last quarter of year 2012, the fund has provided 3 development loans with a total value of more than Dh 133 million to finance developmental projects in each of the Federal Democratic Republic of Ethiopia, Kingdom of Lesotho and Republic of Sierra Leone. ADFD also managed a grant from the government at an estimated total value of Dh 25 million to support the state treasury in the Republic of Djibouti, which aims to support the country's economy through the face of budget deficits and state aid in the lifting of the difficult economic conditions that prevailed. ADFD supporting the transport sector in Ethiopia. The ADFD signed a loan agreement with the Federal Democratic Republic of Ethiopia for financing a road project "Gedo- Fincha - Lemlem Bereha" with a total value Dh 37 million. This initiative comes in line with the Fund's objectives in supporting developing countries and enhancing their economic growth by financing developmental projects. The Project is aimed at developing, expanding and enhancing the country's roads network through linking the "Oromiya" region on the western region with other regions in Ethiopia and the capital city "Addis Ababa". It will also facilitate the access of the agricultural products for other regions and supporting the economic and social development of "Oromiya" region. This include construction of the paved road of 80.5 km length, 7 m width, and with two shoulders, each of width of 1.5m and 2.5m at villages and cities. The works entail provision of Consultancy Services for supervision of execution of the civil works. ADFD provides Dh 77.13 million for water sector development in Lesotho. Abu Dhabi Fund for Development (ADFD) has signed an agreement to build "Metolong" Dam for potable water in kingdom of Lesotho, The Dam project is also expected to satisfy the demands by 2025 to strengthen stability in food supplies and increase irrigated farmland areas in the country. ADFD empowered Sierra Leone with vital "Tokeh - Lumley" road project worth Dh 20 million. The project aims to support economic and social development in the Freetown peninsula to improve its contacts in the capital and other areas of the country to serve the activities of fishing, agriculture and tourism in the peninsula, and to reduce transport costs and vehicle operating costs. The project also aims to provide an alternative transportation linking the city of Freetown with the national road network to reduce congestion on city roads. The project consists of construction of the last section of the Freetown - Waterloo highway or the road of Freetown peninsula between Tokeh and Lomy with a length of about 21 km and asphalted width of 7 meters with side shoulders of 1.5 meters wide. The project includes construction of roads access and crossings of the villages on the road with a total length of about 8 km, and re-construction and improving the main square at the entrance of Freetown at Lomy. The project also includes consultancy services for the preparation of detailed engineering designs and supervision of the implementation ADFD offered Republic of Djibouti a grant worth Dh 26 million. ADFD offered the Republic of Djibouti around Dh 26 million grant through signing an (MOU) to finance the state treasury deficit in the budget. The Memorandum of Understanding comes as implementing the directions of the leadership of the United Arab Emirates to support the socio-economic development in the Republic of Djibouti, which suffers from difficult economic conditions. ADFD discussed ways of joint cooperation with the Republic of the Philippines Acting Director General, Mohamed Saif Al Suwaidi held a meeting with Hun Gregory Santo, the Minister of Commerce and Industry, and Grace Princesa, the Philippine Ambassador in UAE, to review bilateral relations between the two counties and ways of enhancing it in various fields, also they have discussed the investment opportunities. The parties also talked about the possibilities of financing a number of developmental projects that will achieve economic and social development objectives in the Philippines society. "Fiduciary Management" New cooperation between ADFD and World Bank In collaboration with World Bank, ADFD organised the training session of "Fiduciary Management" during the period from Nov 5 to 8, 2012. The session addressed a number of topics focusing on policies and international legal practices relating to procurement in developmental projects, plus legal aspects of the bidding process, form of contract and selection of consultants. The session also including a number of case studies to ensure that participants are getting a deeper understanding of the studied material Reconfiguration of the Executive Committee of the Abu Dhabi Fund for Development The Executive Committee of ADFD has been reshaped and chaired by H.H Sheikh Abdullah bin Zayed Al Nahyan, Foreign Minister, Deputy Chairman of the Abu Dhabi Fund for Development. The new reconfiguration includes the membership of Ahmed Juma Al Zaabi, Khalifa Mohammed Khalifa Al Kindi, Faris Mohamed Al Mazrouei and Saeed Eid Saeed Al Ghafli. Abu Dhabi Fund for Development provides a financial Aid for the sake of Zayed Higher Organisation for Humanitarian Care, for the purpose of supporting the readable short story competition using Braille 2012. This initiative comes as a part of ADFD's plan for social responsibility program in supporting the local community. ADFD renewed the cooperation with Khalifa Institution. Abu Dhabi Fund for Development contributes in supporting the humanitarian initiative which has been launched by Khalifa Bin Zayed Foundation which aims to support the education sector through providing a financial assistance to the low income students in government schools ADFD supports Zakat Fund activities. Abu Dhabi Fund for Development donated financially to Zakat Fund to bolster the most important priorities of the Zakat Fund in the development of philanthropy and human service needed according to the principles of Islamic law. ADFD management and employees celebrate the UAE national day 41 by planting "union tree". With the participation of Mohammed Saif Al Suwaidi, the Acting Director General of Abu Dhabi Fund for Development, the employees planted the "union tree" in the fund's courtyard in light of the state ceremonies of the National Day completing 41 years. Planting the "union tree" comes in responding to the initiative launched by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister, Dubai Ruler on this precious occasion. ADFD warmly welcomed a delegation from the University of Sorbonne. A delegation from the Sorbonne University visited ADFD headquarter, the visit was for the purpose of discussing the nature of work in ADFD and studies the local labour market needs of the most required specialisation. On this occasion, the delegation was given a detailed presentation on the mechanism of the Fund's work and its operational and for the better understanding, ADFD management also had organised a tour for the students through ADFD's departments and sections to make sure they gain the proper knowledge they need. A team from ADFD and MASDAR visited the kingdom of Jordan from the 10th till the 12th of September 2012 to meet officials working for the government of Jordan. The meeting was to discuss financing existing developmental projects that are of high priority to the government of Jordan, which would be provided by UAE according to the grant approved by the GCC to support Jordan in implementing developmental projects for the next 5 years. A delegation from the operation Department in ADFD attended "The regular meeting of the coordination group 71" which was held in Riyadh in December from 24 -26, 2012. The purpose of the meeting was to discuss the possibility of financing the major development projects that would need cooperation between the developmental institutions. Also, the meeting included following up the results and recommendations concerning Busan, Deauville and the Arab Gate forums. To promote the sustainable development process, ADFD sent a follow up team to Republic of Yemen and Tanzania, in order to pursue the implementation and progression of the developmental projects financed by ADFD and the government. Mohammed Saif Al Suwaidi, Acting Director General of ADFD, attended the meeting of the IMF and the World Bank accompanied by a delegation which took a place in Tokyo from 11-14 October, 2012. The Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group each year bring together central bankers, ministers of finance and development, private sector executives, and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness.

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