DUBAI (Reuters) – Abu Dhabi Fund for Development said on Sunday it had suspended debt service payments to some countries and companies for this year.
The government-funded fund provides financial assistance to companies in the UAE and developing countries including Pakistan, Egypt, Sudan and Ethiopia.
A statement of the fund stated that the debt service payments will be suspended for the countries and companies to which the decision applies from January 1 to December 31.
The fund said that states and companies should request suspension of payments, but he did not specify the criteria for implementing the decision on companies and countries.
Mohamed Seif Al-Suwaidi, Director General of the Fund, said that it is necessary for the Fund to support those who desperately need help, especially low-income countries at a time when the world is suffering under the impact of the Corona pandemic.