Initiative allocates funds for concessionary loans to national companies
Abu Dhabi Fund for Development (ADFD), the UAE’s leading national entity spearheading global development projects, has announced an AED 1bn (US$ 272.3mn) initiative to support national companies during the Covid-19 pandemic.
The initiative, which lasts for the duration of 2020, provides concessionary loans for national companies operating in sectors crucial to the UAE economy – such as healthcare, food security and manufacturing.
“By pledging an AED 1bn allocation for concessionary loans to national companies through 2020, we ensure that businesses in key industry sectors can access the support they need to recover from the current crisis, continue operations, and bolster the national economy during this time,” commented Mohammed Saif Al Suwaidi, Director General, ADFD.
The national company assistance initiative dovetails with the ADFD’s enhanced remit of supporting the local economy while catalysing and co-investing in global development projects.
In late 2019, ADFD also launched the Abu Dhabi Exports Office (ADEX) to support national exporters and open new markets for them. ADEX boosts the competitiveness of UAE exports by offering financing and guarantees to overseas buyers sourcing goods and services from UAE exporters.
In 2020, ADEX allocated AED 550mn (US$ 150mn) to support the strategic expansion of the nation’s export businesses.
