Wed 20-05-2020 21:26 PM
ABU DHABI, 20th May 2020 (WAM) - Abu Dhabi Fund for Development has joined the Arab Coordination Group, ACG, Institutions’ US$10 billion commitment to help developing countries respond to the Covid-19 pandemic and help their economic recovery.
The support, agreed at a virtual ACG meeting on May 18, will initially focus on helping developing countries obtain the medical supplies and protective equipment they need. It will also help beneficiaries develop effective interventions to combat the pandemic and its economic effects.
Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development, who attended the ACG virtual meeting and delivered a speech on behalf of the Fund, said: "Developing countries face a grave situation. The loss of lives and the sheer scale of suffering is saddening. Developing countries urgently need swift, effective support, not only to develop their responses to the pandemic, but to deal with its economic aftermath.
"Working with our partners in the Arab Coordination Group enables a holistic, coordinated strategy, allowing beneficiaries to use resources optimally in their immediate responses and while building their long-term resilience."
The $10bn support will include technical assistance, grants, concessional loans, financing, trade insurance and capacity development programmes.
The priority during the response phase will help nations’ health sectors, including provision of necessary medical supplies and equipment.
Longer-term support will support both public and private organizations in important economic sectors such as agriculture, food security, energy, education and support for micro-, small- and medium-sized enterprises (MSMEs).
Al Suwaidi added: "The pandemic impacts everyone across the world. It requires a coordinated response. At the same time, different countries have their own resources and their own needs. This coordinated approach, guided by the principles of economic resilience and UN sustainable development goals, enables each beneficiary country to get the support it needs.
"Ultimately, this approach helps everyone. We live in a globalized world. Helping developing countries get the support they need to build their resilience and their economic recovery helps to support the world’s economic recovery.
"Abu Dhabi Fund for Development and its partners in the ACG Institutions remain committed to extending support in an inclusive manner, to help developing countries bridge inequalities and ensure support reaches the most vulnerable people."
Abu Dhabi Fund for Development entered a partnership with the Arab Coordination Group in 1975. The ACG promotes coordination and collaboration of projects between its members, which include four national funding agencies and six regional development agencies.
Abu Dhabi Fund for Development actively cultivates partnerships with other funding organizations. Working with partners enhances the effectiveness of support by optimizing use of resources, joint financing and knowledge sharing.