Abu Dhabi Fund suspends debt repayment for beneficiary countries, companies amid Covid-19 recovery

Abu Dhabi Fund suspends debt repayment for beneficiary countries, companies amid Covid-19 recovery

In May, ADFD pledged Dhs1bn in concessionary loans for national companies across the industrial, health and food sectors in the UAE

The Abu Dhabi Fund for Development (ADFD) has decided to suspend debt service repayments for 2020 for eligible countries, as well as individual businesses, in the developing world "upon request for forbearance“, it said in a statement on its website on Sunday.

It noted that payment of instalments and interests that covers the period from January 1 to December 31, 2020 will be implemented by ADFD in accordance with the national law and internal procedures.

In a major initiative, @ABUDHABI_FUND has announced suspension of debt repayments for a year for eligible countries, as well as individual businesses, in the developing world, upon request for forbearance“¦. pic.twitter.com/6c4B8WK2lF

“” صندوق أبوظبي للتنمية (@ABUDHABI_FUND) July 12, 2020

"At a time when the world is reeling under the effect of the pandemic that has affected every area - from economy and society to health and education - it is imperative for us to support particularly those that need it most, especially the low-income countries,“ said Mohammed Saif Al Suwaidi, director general of the ADFD.

"The initiative is so crucial to ensure their financial stability and that they steadily follow