US$50 million allocated to companies to invest in Chad

Abu Dhabi Fund for Development, ADFD, announced the allocation of US$50 million for UAE companies wishing to invest in the Central African nation of Chad. The announcement came during the participation of an ADFD delegation in the UAE-Chad Investment Forum that took place today in Abu Dhabi.

Several ministers and senior officials from the public and private sectors of the two countries attended the event, organised by the Abu Dhabi Chamber of Commerce and Industry in collaboration with the Chadian Ministry of Industrial Development, Trade and Promotion of the Private Sector.

The funding falls within the framework of the 2017 UAE government contribution of $150 million, announced at the Development and Investment in Chad Conference in Paris earlier this month to support the Chadian government’s National Development Plan 2017-2021.

On this occasion, Mohammed Saif Al Suwaidi, Director General of ADFD, said "The event offers a unique platform to discuss bilateral investment and development prospects. In its pursuit of sustainable development and under the guidance of the UAE’s wise leadership, ADFD is keen on building strong relations and forging constructive cooperation with the Chadian government."

He added, "The Fund is proud of the UAE’s US$150 million contribution to support Chad’s National Development Plan 2017-2021. The allocation of $50 million to UAE companies wishing to invest in Chad demonstrates our commitment to encouraging the private sector to explore the wealth of opportunities in Central Africa, and specifically Chad."

"ADFD currently operates in more than 80 countries across the globe, including 35 African nations. The Fund’s total expenditure in Africa amounts to an estimated AED20 billion. The new venture aligns with our strategy to expand our geographical footprint in developing nations."

For his part, Hissein Ibrahim Taha, Chadian Minister of Foreign Affairs and African Integration, praised this collaborative UAE-Chad strategic partnership and highlighted ADFD’s prominent role in driving development projects across the globe. He added that with the support from the Fund, Chad will boost its transportation infrastructure and improve its education, water, agriculture, health, and livestock trade sectors.

Since its inception in 1971, ADFD has financed development projects around the world to the tune of AED77 billion through concessionary loans and Abu Dhabi government grants.