ADFD supports Benin government in its effort to achieve sustainable development
Abu Dhabi: His Excellency Mohamed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development (ADFD), received today at the Fund headquarters His Excellency Abdoulaye Bio Tchane, Minister of State for Planning and Development of Benin. The meeting was attended by His Excellency Khalifa Al Qubaisi, Deputy Director General of ADFD.
Discussions centred on relations between the UAE and Benin, as well as the Fund’s role in supporting Benin’s developmental goals and priorities. HE Al Suwaidi said that the visit presented an opportunity to explore ways to expand cooperation with ADFD.
“We are keen to build on our existing relations and support the government of Benin in developing its economy by financing strategic projects,” HE Al Suwaidi said. “Collaboration lies at the heart of our partnership. Our primary aim is to help Benin to achieve its sustainable development goals.”
HE Bio Tchane acknowledged the UAE and the Fund’s contributions to his country, helping it to achieve sustainable economic growth. He mentioned that the Ouidah-Allada and Pahou Tori Road project the Fund financed in 2009 had greatly benefited the economy. The 77- kilometre road, built at a cost of AED 37 million, connected Benin with neighbouring Togo and Nigeria. It passes through Borgou, one of the major agricultural regions of the country.
Benin is primarily and agrarian economy and its export earnings mainly rely on products such as palm oil, cotton, cocoa and coffee. Therefore, development of the agriculture sector is crucial for it to strengthen its economy and food security.
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 AED104 billion, have helped the international community achieve sustainable economic growth as well as drive the implementation of the United Nations’ Sustainable Development Goals (SDGs).