Abu Dhabi Fund for Development Approves US$50 million Funding for Development Projects in Maldives
Abu Dhabi Fund for Development (ADFD), the leading national entity for economic development aid, today signed an agreement with the government of Maldives to provide funding support to the tune of US$50 million (AED184 million) for infrastructure development projects in the Maldives.
The agreement was signed by His Excellency Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development, and His Excellency Abdulla Shahid, Minister of Foreign Affairs of the Republic of Maldives, in the presence of several senior officials from both sides.
Aimed at strengthening the efforts of the Maldivian government to promote the socio-economic development of the island nation, the funding will support the implementation of several development projects across vital economic sectors to deliver a significant positive impact on the country’s economy.
Commenting on the occasion, His Excellency Mohammed Saif Al Suwaidi said: "This agreement articulates ADFD’s commitment to supporting the development programs of the Maldivian government to drive economic growth and achieve sustainable development in the country.”
Al Suwaidi added: “At ADFD, we take a keen interest in supporting infrastructure projects given its importance and far-reaching developmental impact on various sectors. In addition to catalysing economic growth and boosting sustainable development, such projects help create an enabling environment for foreign investments, and stimulate growth in trade, transport and tourism. Furthermore, they create thousands of job opportunities for local communities and provide them with improved livelihoods”
For his part, His Excellency Abdulla Shahid, lauded the UAE’s continued support for the Maldives through ADFD’s active involvement in funding several development projects in the country. He noted that such projects help the Maldivian government to pursue its development agenda and fulfil its vision to ensure economic and social prosperity for the people of the Maldives.
His Excellency Abdulla Shahid also reiterated the Maldivian government’s desire to enhance collaboration with ADFD to increase economic support and investment in sectors key to sustainable development and inclusive growth.
Since 1976, ADFD has been actively involved in the development of the Maldives through supporting government efforts to promote sustainable development. To this end, ADFD has allocated AED748 million towards the development of several projects serving vital economic sectors including transport, housing and renewable energy.
Abu Dhabi Fund for Development
Established in 15th of July 1971, Abu Dhabi Fund for Development (ADFD) is an autonomous national entity affiliated with Abu Dhabi government.
ADFD aims to help developing countries to achieve sustainable socio-economic growth; through financial assistance in the forms of concessionary loans, managing government grants and equities. ADFD also peruses investments in order to encourage the private sector in the recipient countries to play an essential part in accelerating the economic development process, and at the same time playing a pivotal role in strengthening and diversifying the future resources of the Fund.