UAE provides loans, development aid worth Dh255 billion in 10 years

UAE provides loans, development aid worth Dh255 billion in 10 years

Around 148 countries benefitted from the Emirates' aid initiatives in the past 10 years

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By A Staff Reporter Published: Sun 12 Feb 2023, 9:34 PM

The UAE has provided loans and development aid to the tune of Dh255.5 billion to developing nations from 2012 to 2022 at an average annual rate of two per cent of the GDP, said Mohamed bin Hadi Al Hussaini, minister of state for financial affairs.

Around 148 countries benefitted from the UAE’s loans and development aid initiatives in the past 10 years.

This falls within the framework of the country’s policy aimed at supporting economic reform programmes and contributing to the implementation of development projects in Arab and non-Arab countries. Additionally, through the Arab Coordination Group, Arab countries have provided $245 billion until the end of 2022 in aid to developing countries.

Annual Arab Fiscal Forum at the World Government Summit said the economic recovery is gaining momentum, thanks to the UAE's early and strong response and the continuous macroeconomic policies.

“This is in addition to the strong reform efforts within the framework of the country's 2050 strategy to encourage the private sector growth, promote non-oil growth, and