By: Amr Adel

Abu Dhabi – Mubasher: The Abu Dhabi Fund for Development (ADFD) financed 17 projects worth AED 5.6 billion in 2016, according to Seif Al-Sweidy, general manager of the ADFD.

The fund provided AED 3.9 billion worth of soft loans and AED 1.7 billion for the support of seven developing countries, Al-Sweidy added on the sidelines of a press conference.

ADFD’s total funds and investments rose to AED 80 billion since its foundation until the end of 2016, of which AED 35 billion were soft loans, AED 42 billion were government grants, and AED 3 billion were invested in companies and portfolios.

The fund is expected to provide financing this year with the same value as last year, Al-Sweidy said.

ADFD focuses on financing infrastructure projects and developing countries, he said, adding that the fund does not compete with the banking sector. 

Translated by: Julian Nabil