Abu Dhabi Development Fund will participate in the VIII Astana Economic Forum

Abu Dhabi Development Fund will participate in the VIII Astana Economic Forum

Ambassador Extraordinary and Plenipotentiary of Kazakhstan to the United Arab Emirates Kairat Lama Sharif handed over the official invitation to the Director General of the Abu Dhabi Development Fund (ADFD) Mohammed Saif Al Suwaidi to attend the VIII Astana Economic Forum. The invitation has been accepted with gratitude.

Abu Dhabi Fund for Development (ADFD) is a leading national entity to provide development aid to developing countries in the form of concessionary loans and administering grants on behalf of the Abu Dhabi government. The aim is to finance development projects in order to support efforts to achieve economic and social development in developing countries. ADFD also makes investments in order to encourage the private sector in the recipient countries to play an essential role in accelerating the economic development process.

The total value of loans, grants and investments funded by ADFD and the Government of Abu Dhabi during the past four decades, reach almost AED 35 billion for 325 development projects in 59 countries around the world.

Chairman of the Board of the Fund is Deputy Prime Minister, Minister of Presidential Affairs of UAE Sheikh Mansour Bin Zayed Al Nahyan. The Emirati government Fund provides soft loans to state-owned companies whose share comprises not less than 51%. Loans are granted for a period of 15-20 years with an interest rate of 2-5%.

A substantial part of the aid is aimed to support infrastructure development (roads, airports and sea ports, power supply, agriculture, communications, housing, job creation, healthcare, education, etc.).

In 2001 Abu Dhabi Fund for Development provided to the Government of Kazakhstan a soft loan for the reconstruction of the segment Karaganda-Osakarovka of the Karaganda-Astana highway.