Abu Dhabi, UAE, December 10, 2007- To implement the directives of His Highness Sheikh Mansour Bin Zayed Al Nahyan, Chairman of the Board Directors of Abu Dhabi Fund for Development, on Monday, 10/12/2007 Abu Dhabi Fund for Development signed 3 agreements for financing different development projects in Morocco, Syria, and Djibouti with a total value more than 576 million Emirati Dirham.
In commenting on the subject, said HE / Ahmed Sari Mazrouei, Director General of the Abu Dhabi Fund for Development: The fund approved to finance a number of different projects which are "Road Project from Fez-and Wajddah, Kingdom of Morocco", "Deir Ali Electricity on the Syrian Arab Republic" and "Social Housing Project in Djibouti (second phase)". These projects are of vital projects, which will directly contribute to the development of those States and will support States infrastructure.
HE Mr. / Othman Fassi Fihri, Director General of the National Company for Roads signed the agreement for financing the project "Road Project from Fez-and Wajddah" on behalf of the Kingdom of Morocco. HE Mr. Abdelkader Zaoui ambassador to the Kingdom of Morocco, in the United Arab Emirates signed the loan guarantee on behalf of the Ministry of Finance of Morocco. The Fund contribute to the project with more than 183 million Emirati Dirham, Mr. / Othman Fassi Fihri, mentioned that, this project aims to link the eastern part of the Kingdom with the rest of trade and economic centers of Morocco in Rabat and Fez, Casablanca, Tangier and Marrakech, and leads to facilitate the movement and reduce the cost of deporting goods in addition to improving traffic safety.
On the other side HE / Idris Ahmed shorooi, the Ambassador of the Republic of Djibouti in the United Arab Emirates signed agreement for financing the project " Social Housing Project (phase II)" in Djibouti. The Fund contribute to the project with about 26 million Emirati Dirham, and the project aims to meet the growing demand for low-income housing and improve their social support through the housing sector in Djibouti, and is noteworthy that the Fund has contributed to financing the first phase of the same project loan estimated at more than $ 29 million dirham project has been implemented successfully.
On the Syrian side HE Dr. Eng / Ahmad Khaled Al-Ali, Minister of Electricity in the Syrian Arab Republic signed the agreement for financing the project "Deir Ali Electricity ". The Fund contribute to the project with more than 367 million Emirati dirham, and the project aims to support the Syrian economy by supporting sector energy and contributing to meet the growing demand for electrical power in Syria, through EXTENSION "Deir Ali" on the southern region and the project will add approximately 750 megawatts of capacity obstetric network.
HE Mazrouei has confirmed that this event is based on the policy of the government of Abu Dhabi under the wise leadership of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the State and the first group of His Highness Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi in supporting economic growth the friendly and brotherly countries, and the Fund will continue his developmental aims in developing countries by providing loans and assistance that has effective impact in the overall development process.
The value of the Fund's development projects and its contributions to the investment companies in addition to projects funded by the government of Abu Dhabi, which managed the Fund since its inception and so far more than 22 billion Emirati Dirham. These funds have helped in the implementation of 260 projects benefiting 51 developing countries in the Arab world, Asian and African States.