UAE - Mubasher: Abu Dhabi Fund for Development (ADFD) has decided to suspend debt repayment for countries and businesses in the developing world during 2020 amid the coronavirus (COVID-19) outbreak, according to a press release on Sunday.

This decision is in line with the World Bank's G20 plan, which aims to help the developing countries meet their financing needs, mitigate the COVID-19 economic impact, and alleviate their debt burdens.

The leading national entity offers national companies and governments of the developing countries with concessionary loans to support important sectors, including education, health, transport, agriculture, and industry, and fund strategic development projects.

As part of its support to national companies, the fund has allocated  AED 1 billion for concessionary loans to protect the UAE's economic growth from the COVID-19 economic repercussions.

Meanwhile, the ADFD has recently announced an AED 36.7 billion ($10 billion) support, including grants, loans, trade insurance, and development programmes, to the developing countries.

The director general of ADFD, Mohammed Saif Al Suwaidi, said: "At a time when the world is reeling under the effect of the pandemic that has affected every area – from economy and society to health and education – it is imperative for us to support particularly those that need it most, especially the low-income countries."