Abu Dhabi Fund for Development (ADFD) will be providing MVR 771 million (USD 50 million) to the Maldives as grant aid for the year 2020.
The ADFD made the commitment in the Memorandum of Understanding (MoU) signed between the Government of Maldives and the ADFD signed, in Dubai. The Minister of Foreign Affairs His Excellency Abdulla Shahid, signed the MoU on behalf of the Government of Maldives, and His Excellency Mohammed Saif Al-Suwaidi, Director General of the ADFD signed on behalf of the Fund.
The signing of the MoU demonstrates ADFDs commitment in supporting the development agenda of the Maldives. ADFD has been an important development partner of the Maldives since late 1970s, supporting the country on key infrastructure projects. The MoU signed provides the single largest grant aid by the ADFD to the Maldives.
Commenting on the occasion, His Excellency Mohammed Saif Al Suwaidi said, "This agreement articulates ADFDs 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"
Abu Dhabi Fund for Development (ADFD) is a national entity who aims to help develop countries to achieve sustainable socio-growth through financial assistance in the forms of concessionary loans, managing government grants and equities.
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