UAE - Mubasher: The Abu Dhabi Fund for Development (ADFD) is supporting national companies with AED 1 billion ($272.24 million), amid the economic consequences caused by the coronavirus (COVID-19).

Under the AED 1 billion initiative, which runs until the end of 2020, the Fund will grant concessionary loans to the national companies operating in the sectors necessary to the UAE economy, including health, food, and manufacturing, according to a recent press release.

The initiative will also consider companies in the sectors, which are greatly affected by the economic repercussion of COVID-19.

Commenting on this initiative, the director general of ADFD, Mohammed Saif Al Suwaidi, said: " Our nation’s economic strength is underpinned by our national companies that drive innovation and employment."

Al Suwaidi added: "This initiative shows that we stand ready to support these companies and collaborate with them in building a resilient and prosperous future for the nation."