The Abu Dhabi Fund for Development (ADFD), the leading national institution for achieving sustainable economic development at the local and global levels, has announced a billion dirham initiative to support national companies as a result of the implications of the emerging Corona Virus (Covid-19).
The initiative aims to provide concessional loans during the current year that benefit the national companies operating in the state in all vital sectors most affected by the repercussions of the epidemic that caused the stalemate of their commercial and economic activity, in addition to the national companies working in the field of health care, food security and industry because of the importance of sustaining their activity during the current circumstances .
The launch of this initiative comes in implementation of the directives of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs and Chairman of the Board of Directors of the Abu Dhabi Fund for Development, and with the support of His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation and Deputy Chairman of the Board of Directors of the Abu Dhabi Fund for Development.
Mohamed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development said: “In line with the direction of our rational leadership, and pursuant to the directives of His Highness Sheikh Mansour bin Zayed Al Nahyan, the Abu Dhabi Fund for Development intends to support national companies in these exceptional circumstances. The sustainability of our national companies places it on our top priority as a primary driver For this, we pledge in the Abu Dhabi Fund for Development to allocate an amount of one billion dirhams in soft loans to finance and support national companies in order to benefit and sustain the work of Emirati companies in the main sectors to contribute to obtaining the necessary support to continue their operations, and quickly recover from the effects of the crisis The current situation, which will have a positive impact on the national economy. "
The Abu Dhabi Fund for Development initiative to support national companies represents an economic plan aimed at supporting the national economy, enhancing financial liquidity and mitigating the effects of the current exceptional circumstances on Emirati companies. This initiative is expected to have a direct and indirect positive impact on all business sectors benefiting from this initiative throughout the year 2020.
Al Suwaidi added: “The UAE has adopted a long-term approach to sustainable development, internally and externally. We are fully confident of our national companies’ abilities to overcome this crisis and emerge from it more robust and solid, and we will continue our successful path towards achieving sustainable growth and economic diversification. We also cherish Our national companies and the innovation, efficiency and excellence they pursue in their work and their contribution to providing job opportunities to support our national economy. We confirm through this initiative our full readiness to contribute to supporting the national companies that are the mainstay of the UAE economy and cooperate with it to continue the path of prosperity and prosperity in the country. ”
This initiative is in line with the package of measures provided by the fund to support the national economy and encourage joint investment in developing and implementing development projects on a global scale. Over the past ten years, the fund has succeeded in facilitating businesses worth 16.5 billion dirhams for Emirati companies that have implemented projects funded by the fund outside the state .
On the other hand, the Fund launched the Abu Dhabi Export Office (ADEX) in late 2019 with the aim of supporting national exporters and opening new markets for them. The Abu Dhabi Export Office strengthens the competitiveness of Emirati exports by providing financing and guarantees to foreign buyers who import goods and services from Emirati exporters. In 2020, Abu Dhabi Exports Office allocated 550 million dirhams ($ 150 million) to support the strategic expansion of export business in the country.