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Mansour bin Zayed Chairs ADFD BOD Meeting, Underscores UAE’s Global Reputation

Abu Dhabi,12 Nov 2020

His Highness Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, Chairman of the Board of Directors of Abu Dhabi Fund for Development (ADFD), presided over a board meeting today at the at Qasr Al Watan. His Highness Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Cooperation and Deputy Chairman of the Board of Directors, remotely attended the meeting.

Other participants included board members Her Excellency Reem Ibrahim Al Hashimi, Minister of State for International Cooperation; HE Ahmed Ali Al Sayegh, Minister of State; HE Faris Mohammed Al Mazrouei, HE Omar Saif Ghobash, HE Mohamed Najm Al Qubaisi, Alyazia Ali Al Kuwaiti, and HE Mohammed Saif Al Suwaidi, Director General of ADFD.

The topics on the agenda included the most crucial development and investments projects, and the Fund’s achievements in 2020. The board reviewed the audit results of the Fund’s financial statements received from the Abu Dhabi Accountability Authority, apart from ADFD’s initiative to postpone debt repayment for various countries and individual companies that had been hit hard by the Covid-19 pandemic and how such a move had enabled those nations and entities to overcome the crisis and achieve economic and financial stability that contributed to the process of sustainable economic development.

The board underscored the necessity to continue with the work that would maintain the UAE’s lofty reputation in supporting development work, as well as to achieve sustainable economic development at local and global levels.

HH Sheikh Mansour said: “The Fund has gained a global reputation in development work as a result of its sustained effort to support the process of sustainable economic growth in developing countries.

Thanks to the guidance and directives of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE – May God protect him – and the support of His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.”

HH Sheikh Mansour stressed the I'mport role of the Fund to mitigate the impact of the pandemic locally and globally through its various pioneering initiatives that had a positive impact on the national economy and the economies of developing countries.

He particularly lauded ADFD’s contribution to the national economy through Abu Dhabi Exports Office (ADEX), as well as its role in enabling Emirati companies to increase their global competitiveness and expand non-oil exports.

HH Sheikh Mansour underlined the need for an economic and investment plan in the near future to manage development and investment projects within the country and beyond and turn challenges into opportunities.

HE Mohammed Saif Al Suwaidi thanked the Chairman, the board members as he expressed appreciation for them for their interest and efforts in supporting the Fund’s work.

HE Al Suwaidi said that the wise leadership was keen to see the Fund carry out its development work as it had proven its capability as a financial institution to support sustainable development in various countries around the world.

He mentioned that the total investment of the Fund since its inception reached AED104 billion, a sum that benefited 97 countries across the world. He promised that the Fund would continue with its progressive work for another 50 years.

The meeting concluded with the board of directors agreeing to finance many projects in developing countries. The board also expressed appreciation for ADFD staff members for their invaluable contribution to the Fund’s efforts to achieve its goals and objectives.