Fund has financed AED750 million worth of development projects in the country
Abu Dhabi: His Excellency Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD), met today at the Fund’s headquarters here Her Excellency Aminath Shabeena, Ambassador of the Republic of the Maldives to the UAE. In attendance were HE Khalifa Al Qubaisi, Deputy Director General of the Fund; Mohammed Faisal, Deputy Ambassador of the Maldives to the UAE; and other officials from both sides.
The two sides discussed bilateral relations and ways to enhance them through cooperation between the Fund and the Maldivian government on developmental investment.
Underlining the already close relations, HE Al Suwaidi said that the Fund had financed many development and investment projects which helped the country to overcome pressing challenges and achieve socioeconomic prosperity. He added that the visit reflected the keenness of both on joint coordination and economic cooperation and that the Fund looked forward to increasing its share of investment in the Maldives in all fields.
Her Excellency Shabeena reflected on the distinguished relations between the Maldives and the UAE, highlighting the role that ADFD played in supporting development and investment projects in her country. She stressed the importance of enhancing investment cooperation with the Fund owing to the attractive and stable environment the Maldives offered for foreign investment.
Abu Dhabi Fund for Development ventured into the Maldives in 1978 with the funding of development projects worth about AED750 million. They covered strategic sectors such as housing, transport and energy. In 2018, the Fund subscribed to bonds issued by the Maldivian government worth AED370 million (US$ 100 million) to support the country’s development strategy by enabling it to increase spending on development projects.
About Abu Dhabi Fund for Development (ADFD):
Abu Dhabi Fund for Development (ADFD) is a leading national entity for economic development aid owned by the Abu Dhabi government. Established in 1971, it aims to help emerging countries by providing concessionary loans to finance sustainable development projects as well as administering long-term investments and direct contributions. In addition to managing development grants offered by the Abu Dhabi government, ADFD has adopted a policy of supporting the national economy and financing UAE private sector investments. Since its inception, ADFD has marked developmental milestones in 97 developing countries. Spanning the last 49 years, the Fund’s development projects and investments, valued at AED102 billion, have helped the beneficiary countries to achieve sustainable economic growth.