COVID-19: Abu Dhabi's ADFD pledges $272.2mln to support national companies

The initiative will last until the end of 2020

Abu Dhabi skyline.

Abu Dhabi skyline.

Getty Images/Cultura Exclusive/Lost Horizon

Abu Dhabi Fund for Development (ADFD) has allocated 1 billion dirhams ($272.24 million) to support national companies during the Covid-19 pandemic.

The initiative, lasting until the end of 2020, will provide concessionary loans for national companies operating in sectors such as healthcare, food security and manufacturing.

Other sectors affected by Covid-19 business disruptions will also be considered for support under the initiative, ADFD said in a statement.

“By pledging an AED 1 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,” Mohammed Saif Al Suwaidi, Director General of ADFD said.

According to ADFD, the initiative is projected to positively impact recipient sectors both directly and indirectly throughout 2020.

(Writing by Gerard Aoun; editing by Seban Scaria)



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