Abu Dhabi fund offers $680mln for project development

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Abu Dhabi Fund for Development (ADFD), the leading national entity for international development aid, has financed 129 development projects in the education sector with a total value of Dh2.5 billion ($680 million).

Benefiting 14 developing countries, these projects have contributed to achieving the UN's Sustainable Development Goals (SDGs), said a statement from ADFD.

Through building capabilities and imparting knowledge, the education sector plays an integral role in driving growth in key socio-economic sectors. Therefore, the fund’s steadfast commitment to the sector supports developing countries in achieving their development priorities.

An ADFD report, issued to mark International Day of Education that falls on 24 January, reveals that in the last 10 years, the Fund financed the establishment of more than 40 schools in several developing countries to increase education levels and help eradicate illiteracy.

It has also provided funds to 35 universities and colleges for building construction and renovation, as well as upgrades of infrastructure, equipment and processes in line with international standards.

Mohammed Saif Al Suwaidi, the director general of ADFD, said: "The financing of development projects in the education sector is a key priority for ADFD. The sector is crucial to developing countries, as it helps qualify future cadres, promote talent growth, drive sustainable development and ensure national self-sufficiency in the long run."

"Today, as we mark International Day of Education, it is important to note that since the 1970s, the Fund has taken a keen interest in financing education projects, including the construction of schools, universities, colleges and technical training centres," he noted.

"These projects have contributed to building the capacities of millions of people in developing countries, enabling them to live more prosperous and fulfilling lives," he added.

Al Suwaidi said: "To help achieve SDG 4, the Abu Dhabi fund is proud to join forces with the international community to provide quality education for all – regardless of gender, religion, geographic location or economic status."

As part of its efforts to support sustainable development in key socio-economic sectors, ADFD has funded multiple vital education projects, he added.

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