Abu Dhabi Fund for Development has begun a $272.4 million incentive package to assist national organizations during the COVID-19 pandemic.
The initiative, which will last till the end of 2020, provides loans for national firms working in crucial sectors such as healthcare, food security and manufacturing. It will also consider organizations in sectors that are suffering the most due to COVID-19 related interruption to trade and economic activity.
“The health of our national companies is a crucial driver of our long-term growth, resilience and development. By pledging a Dh1 billion 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.”
The decision is in line with the ADFD’s interest in supporting national companies and sees the package take definitive action to protect the UAE’s long-term economic growth and development. The initiative is predicted to have a positive impact on the beneficiary divisions both directly and indirectly during 2020.
The national company assistance initiative aligns with the ADFD’s improved attention in helping the local economy while spearheading and co-investing in global development projects. Over the 10 years, ADFD has aided business deals worth $4.49 billion for UAE companies in its abroad projects.
Late last year, ADFD also began the Abu Dhabi Exports Office (ADEX) to help national exporters and open new economies for them. ADEX increases the competitiveness of UAE exports by providing funding and guarantees to clients abroad procuring goods and services from UAE exporters. In 2020, ADEX allotted $150 million to assist the strategic development of the country’s export industries.