{"id":90581,"date":"2024-03-29T00:00:00","date_gmt":"2024-03-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/abu-dhabi-development-fund-has-spent-a-cumulative-aed-216-bn-in-development-funds-as-of-2023\/"},"modified":"2024-03-29T00:00:00","modified_gmt":"2024-03-29T00:00:00","slug":"abu-dhabi-development-fund-has-spent-a-cumulative-aed-216-bn-in-development-funds-as-of-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/03\/29\/abu-dhabi-development-fund-has-spent-a-cumulative-aed-216-bn-in-development-funds-as-of-2023\/","title":{"rendered":"Abu Dhabi development fund has spent a cumulative AED 216 bn in development funds as of 2023"},"content":{"rendered":"

The Abu Dhabi Fund for Development\u2019s (ADFD) cumulative spending <\/strong>surpassed <\/strong>AED 216 bn in 2023<\/strong>,according to its latest annual report (pdf)<\/a>. Spending was geared toward ramping up social development initiatives globally, and supporting economic growth here at home.<\/p>\n

The breakdown: <\/strong>The fund spent some AED 120.5 bn on development financing for 106 countries, with the lion\u2019s share \u2014 AED 66 bn \u2014 provided in the form of concessionary loans and AED 54.5 bn provided as government grants. This includes backing Masdar\u2019s AED 184 mn solar energy station project in Azerbaijan and Talc\u2019s agricultural projects in Somalia worth AED 40 mn. The fund also allocated AED 177 mn for Terminals Holding Group\u2019s rehabilitation of Kabul Airport in Afghanistan in 2023.<\/p>\n

In 2023, the fund handed out AED 220 mn in concessional loans<\/strong> to fund a project in Tanzania to build a power line that would link the Kagera administrative region with the national electricity grid, and a project to build a water pipeline in Mauritania. It also handed out AED 270.7 mn in development grants for infrastructure projects in Asia and Africa, and<\/p>\n

Creating new windows for investment: <\/strong>The fund\u2019s cumulative investments amount to AED 12.6 bn, divided across seven investment tools and 16 companies in various sectors across 26 countries. Some AED 78 bn was deposited with central banks in developing nations, and AED 5.3 bn was allocated to bolster investment activities in beneficiary countries.<\/p>\n

Favorite sectors + countries:<\/strong> The fund directs 24% of its funds towards tourism initiatives, 23% to industrials, and 22% towards investment holding. Morocco has received the biggest amount of investments, accounting for 22% of the fund\u2019s total investments, followed closely by Uzbekistan (20%) and Egypt (12%). <\/p>\n

Driving domestic growth: <\/strong>ADFD invested AED 3.2 bn between 2020 and 2023 to support national exports via the Abu Dhabi Exports Office. The funds were aimed at facilitating Emirati companies' global expansion and boosting the national economy's business competitiveness.<\/p>\n","protected":false},"excerpt":{"rendered":"

The fund handed out AED 220 mn in concessional loans and AED 270.7 mn in development grants in 2023<\/p>\n","protected":false},"author":1,"featured_media":90582,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1651],"tags":[1360,843,1113,7,161,25],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90581","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development-financing","tag-abu-dhabi","tag-abu-dhabi-exports-office","tag-development-financing","tag-enterpriseam-uae","tag-infrastructure","tag-investment-watch","wpautop","entry"],"acf":{"mongo_id":"90cbf53e-1376-4c85-add9-ce1b76d11945","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1614.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Abu Dhabi development fund has spent a cumulative AED 216 bn in development funds as of 2023","related_issue":[90572],"teaser":"The fund handed out AED 220 mn in concessional loans and AED 270.7 mn in development grants in 2023","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.aedde5e4-7996-4092-af0b-fad988de1b14.mp3"},"yoast_head":"\nAbu Dhabi development fund has spent a cumulative AED 216 bn in development funds as of 2023 - 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