Abu Dhabi fund unveils poverty alleviation strategy

from The Economic Times

ABU DHABI: Abu Dhabi Fund for Development (ADFD) has announced a five-year aid strategy to support poverty eradication initiatives in developing countries, WAM news agency reported Wednesday.

Under the new strategy, which is to run till 2012, the fund has allocated 750 million United Arab dirhams (about $204 million) as soft loans to finance infrastructure projects such as electricity, roads and water sectors in developing countries.

Addressing a meeting of the fund's board of directors, member Fawziya Al Mubarak underlined ADFD's efforts to further Abu Dhabi's general policy in providing help to developing countries, and supporting their efforts to achieve economic and social development.

Adel Al Hosni, legal advisor to the fund, said: "The priorities of the fund in this stage can be summarised in providing help to underdeveloped countries in the form of soft loans, supporting the capitals and enhancing the capabilities of these countries."

The ADFD was established July 1971 with its head office in Abu Dhabi, with the aim of providing assistance to the developing countries in form of confessional loans, grants or contributions to projects capitals.