The Abu Dhabi Fund for Development initiative announced the postponement of the payment of debts due to developing countries and companies benefiting from the Fund’s loans during the year 2020 to help overcome the economic repercussions of the COVID-19 epidemic.
Abu Dhabi Fund for Development initiative
This initiative, which will benefit the borrowing countries and companies, will be implemented in accordance with the internal laws and procedures adopted by the Fund, as the period for suspending all benefits extends from January 1 to December 31, 2020.
The Abu Dhabi Fund for Development (ADFD), the leading national institution for achieving sustainable economic development at the local and global levels, has announced an initiative whereby deferring the payment of debts due to developing countries and companies benefiting from the Fund’s loans during the year 2020 to help them overcome the economic repercussions of the “COVID-19” epidemic.
This Abu Dhabi Fund for Development initiative, which the borrowing countries and companies benefit from, will be implemented in accordance with the internal laws and procedures adopted by the Fund, as the period for suspending all benefits extends from January 1 to December 31, 2020.
This Abu Dhabi Fund for Development initiative is in line with the position of the UAE government in support of the G20 decision within the initiative launched by the World Bank aimed at suspending debt payments due to developing countries to help them meet their development needs, reduce their debt burdens and enable them to address the impacts of
Coved 19 without financial pressure.
The Abu Dhabi Fund for Development initiative aims
Director-General of the Abu Dhabi Fund for Development, His Excellency Mohammed Saif Al Suwaidi, said:
This Abu Dhabi Fund for Development initiative comes out of our commitment to achieving our vision and goals aimed at achieving sustainable economic development and helping countries to overcome the economic effects of the “COVID-19” crisis in various sectors, most notably health, food security and education.
It requires us to support the countries affected by the repercussions of this epidemic and stand by it to overcome the crisis, especially low-income countries, and this initiative will contribute to ensuring the financial stability of these countries in a way that reflects positively on the path of sustainable economic development.
The Abu Dhabi Fund for Development initiative works to drive sustainable economic growth, whether locally or in developing countries, by supporting key sectors such as education, health, energy, transportation, housing, agriculture, industry and other sectors that support the process of sustainable growth. The fund provides loans facilitates to the governments of developing countries and investing in different companies in them, to help them implement their development plans by financing strategic projects and investments that have positive repercussions on economic development.
Al Suwaidi said: We are keen to alleviate financial pressures on developing economies and the national private sector, which is what prompts us to adopt necessary measures and decisive decisions in the current period to contribute to the speedy recovery of borrowing countries and our national companies and provide them with the necessary support to overcome this global ordeal.
This Abu Dhabi Fund for Development initiative comes as a complement to a number of initiatives recently launched by the Abu Dhabi Fund for Development in the context of its efforts to reduce the economic impact of the “COVID-19” epidemic.
At the global level, the Abu Dhabi Fund for Development contributed, within the initiative launched by the Arab Coordination Group, to allocate $ 10 billion to help developing countries recover from the recession caused by the emerging Corona epidemic and its effects, and provide the necessary support to the affected strategic sectors in those countries, including health, agriculture and security. Food and energy
