The Abu Dhabi Fund for Development (ADFD) is said to extend a grant worth of AED 18.4 million (or USD 4.97 million) to the Government of Maldives.
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 issued a statement last Monday, in which it said the grant seeks to support the balance of payments in the Maldives, improve the overall economic situation in the country, and aid Maldivian government in achieving its development plans.
A Memorandum of Understanding (MOU) was signed between Director General of ADFD H.E. Mohammad Saif Al Suwaidi and Maldivian Ambassador to UAE Hussain Niyaz detailing the terms of the grant last Monday, at a function held in the ADFD headquarters. Senior officials of ADFD and High ranking officials from the Maldivian Government attended this function.
“The grant re-affirms our nation’s dedication to supporting developing countries and helping them overcome their most pressing economic challenges. The funds are earmarked to finance key projects that will boost sustainable development in the Maldives.”
Said Mohammad Saif Al Suwaidi speaking at the ceremony.
Al Suwaidi also said that ADFD was proud of its 40-year association with Maldives, and said the Fund was determined to continue the collaboration by financing infrastructure projects and economic reform programs that will elevate the living standards of the people of Maldives and stimulate economic growth.
Maldivian Mission head at UAE, Niyaz also expressed gratitude towards UAE’s role in assisting developing countries and assist them in achieving their Government objectives.