ADFD to fund projects worth $1.25b in Morocco
The Abu Dhabi Fund for Development, or ADFD, has signed a memorandum of understanding with Morocco for a $1.25 billion grant to be used for the provision of key services.
The grant is part of the UAE’s contribution to the GCC’s Gulf Development Fund initiative.
The UAE’s contribution amounts to $1.25 billion of the total grant value of $5 billion to support Morocco, which was previously approved by GCC leaders and is to be funded equally between the UAE, Kuwait, Saudi Arabia and Qatar.
The signing took place in the Ministry of Economy and Finance in Rabat and was signed by Nizar Baraka, Morocco’s Minister of Economy and Finance and Mohammed Saif Al Suwaidi, acting director-general of the ADFD.