ADFD spends Dh 29.1 billion to finance 321 projects

The Abu Dhabi Fund for Development (ADFD) has provided loans and grants amounting to about Dh255 million during the second quarter of the year 2012. These included a developmental loan worth about Dh183 million to finance a project in the Republic of Eritrea aimed at supporting the country\'s economy to meet the budget deficit and achieve growth. The Fund also provided grants amounting to Dh15.9 million for Somalia and Tunisia in addition to two other grants offered by Abu Dhabi government with a total value of Dh56 million to finance developmental projects in the Republic of Afghanistan. The Abu Dhabi Fund for Development and the Abu Dhabi government under the supervision of the former have funded 321 development projects in 58 developing countries around the world with a total amount of Dh29.1 billion in the form of loans, grants and financial contributions since the inception of ADFD. ADFD was established on July 15, 1971, as a leading national entity to provide development aid to developing countries in the form of concessionary loans and administering grants on behalf of the Abu Dhabi government. The aim is to finance development projects in order to support efforts to achieve economic and social development in developing countries. ADFD also makes investments in order to encourage the private sector in the recipient countries to play an essential role in accelerating the economic development process. from gulfnews.com