Abu Dhabi Fund suspends debt repayment for countries, firms

The Abu Dhabi Fund for Development (ADFD) has announced debt relief measures for low-income nations and individual businesses.

It will suspend loan installment and interest repayments upon requests from eligible countries and companies.

The initiative, which covers payments for the whole of 2020, is aimed at supporting those reeling under the economic fallout of the COVID-19 pandemic.

It also reflects the UAE Government's support for the World Bank's G20 plan to ease the debt burden of developing countries.

The ADFD has been providing concessionary loans to national companies as well as to the governments of developing nations in crucial sectors such as education, health, energy, housing, agriculture and transport.

"Afterall, relieving the financial burden on the developing economies as well as that of our own country is our moral obligation," said Mohammed Saif Al Suwaidi, Director General of ADFD.

"We are committed to taking any further action and providing support that may be required to ensure a swift recovery of the beneficiary countries and our national companies," he added.

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