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The fund was launched with capital of $200 million, financed by
the Abu Dhabi government, and will be overseen by the Gulf
state's Advanced Technology Research Council (ATRC), the council
said.
ATRC Secretary General Faisal Al Bannai said the fund would open
up technologies developed by the Gulf state to governments and
organizations in poorer nations, and would finance research
projects.
"We will have the country become a private client for us to test
what they need solved," he said at the World Governments Summit
in Dubai.
The solution would either be donated to the country or sold to
it at an affordable price. "We are funding it, we are taking the
risk," Al Bannai said.
The UAE has channeled government funding for economic and social
development projects in Africa and Asia through its own
development agencies and through foreign aid organizations.
(Reporting by Alexander Cornwell; Editing by Ros Russell)
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