ANNOUNCEMENT 14 Sep 2017

On 14 September 2017, via a statement made on its official website, the Abu Dhabi Fund for Development announced that it had provided financing of the value of USD 50 million, to companies which alma mater country is the UAE and are willing to make investments in Chad.

NUMBER OF INTERVENTIONS

1

  • 0 harmful
  • 1 neutral
  • 0 liberalising

SOURCE

Abu Dhabi Fund for Development. 2017. English. ADFD Allocates US$50 Million for UAE Companies Investing in Chad.https://www.adfd.ae/english/NewsandEvents/News/NewsandEvents/Pages/IndividualNews.aspx?Name=107

World Bank. 2017. English. The World Bank Group Pledges $1.1 Billion To Help Chad Implement Its National Development Plan. http://www.worldbank.org/en/news/press-release/2017/09/08/world-bank-chad-1-1-billion-national-development-plan

Inception date: No inception date

Financial assistance in foreign market

On 14 September 2017, the Abu Dhabi Fund for Development announced that it will provide financing (in the form of loans) to local companies based in the United Arab Emirates that are willing to invest in the country of Chad. The financial amount of this financing that will be provided by the Abu Dhabi Fund for Development is USD 50'000'000.

The provision of the denoted financing falls within the framework of the earlier announcement of the Abu Dhabi Fund for Development concerning its decision to provide financing of a worth of USD 150 million for the National Development Plan 2017-2021 of Chad (i.e. an announcement that was made by the Fund itself earlier in September in Paris during the Development and Investment in Chad Conference).

The National Development Plan 2017-2021 of Chad was established by the national government of Chad with the scope to:

  1. improving the management of public resources as well as budgets;
  2. increasing the overall transparency of the oil sector ;
  3. achieving economic diversification by boosting the performance of  sectors such as agriculture and livestock production; 
  4. increasing social protection for the poor and vulnerable social strata.

Abu Dhabi Fund for Development 

The Abu Dhabi Fund for Development is a foreign aid agency established by the government of Abu Dhabi. The agency primarily provides concessionary loans to fund economic and social development projects. The loans provided by this agency are primarily of a soft nature as they are usually accompanied with a  2 – 5 % interest rate per annum, a duration of 15 to 20 years and a grace period ranging from 3 to 5 years. The loans provided by this agency usually finance 50% of the total cost of a project with the exception of projects whose estimated implementation cost is maximum USD 20 million (as in such cases the agency may decide to finance 80% of the project's total cost). 

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