On Monday, the UAE launched a fund with a capital of $200 million to finance efforts to develop advanced technology to benefit developing countries.
The UAE Advanced Technology Research Council said it will supervise the fund, which will be financed by the Abu Dhabi government.
The Secretary-General of the Council, Faisal Al-Bannai, said that the fund will finance research projects and will open the way for governments and organizations in poor countries to use the technologies developed by the UAE.
“We will make the country a special agent... to test what they need to solve,” he told the World Government Summit in Dubai.
He stated that the Fund will either donate this solution to the country or sell it to it at a reasonable price, adding that we are the ones who finance it and we are the ones who bear its risks.
The UAE began providing government funding for economic and social development projects in Africa and Asia through its development agencies and foreign aid organizations.
