The Abu Dhabi Fund for Development ( ADFD ), will invest around $10 million (Dh37 million) from a $45 million (Dh165 million) grant extended by the UAE government to support Micro, small and Medium Enterprises ( MSME ) in Colombia .
The project supports both financially and non financially, the latter comprises capacity building, technical assistance, drawing action plans for the individual entities as well as connecting producers, consumers and suppliers through a common digital platform.
The project, which will commence in the second quarter of this year, will target 1,600 MSMEs, helping them to overcome the challenges of the Covid-19 pandemic.
By raising their productivity and export volumes and increasing competitiveness, which will lead to job creation and elevation of the standard of living.
The Deputy Director-General of ADFD, Al Qubaisi said:
“Similar to other high-impact projects we have financed in Colombia in the past, this one is expected to significantly contribute to sustainable socio-economic development in the country,”
“As it will foster innovation in the MSME sector, raise its productivity and improve its access to the global market.”
Al Qubaisi also said that the project will be a new milestone in the strategic relations between Colombia and ADFD as he reaffirmed the fund’s commitment to support the country in sustainable economic development through strategic projects.
Abu Dhabi Fund started its development work in Colombia in 2017. Since then, it had allocated Dh165 million to finance projects, including a $10 million programme to build and equip 37 child development centres, benefiting 5,000 children.
These actions conformed to Colombia’s sustainable economic development programme.
ADFD is a foreign aid agency established by the government of Abu Dhabi in 1971. The fund provides concessionary loans to fund economic and social development projects. The fund also invests in order to expand and strengthen the private sector economies of its clients.
