ADFD Finances 76 Development Projects in Morocco Worth AED9 Billion
Abu Dhabi,31 Jul 2017
Abu Dhabi Fund for Development (ADFD), Abu Dhabi; leading national entity for development aid, and the Government of Morocco, have enjoyed strong bilateral ties dating back to 1974. The four-decade-long close relations continue to drive sustainable socio-economic development across key sectors that benefit the citizens of Morocco.
To date, the Fund has supported Morocco with grants and concessionary loans worth AED9 billion across 76 development projects. The projects spanned diverse sectors, most notably transport, housing, water and agriculture, education, and healthcare.
In addition, ADFD currently owns equity shares in several Morocco-based companies, active in the telecommunications, holding, agriculture and livestock, tourism, and industry sectors. These include Maroc Telecom, Rebab Company, Société Delma d'Investissements Touristiques (Delma Company), Société Palmeraie Maroc Emirats (Palmare), Ciments du Maroc (CIMAR) and Union Maroc Emirats Arabes Unis de Pêche (UMEP).
According to ADFD’s country report marking Morocco's Throne Day on 30 July, the 76 development projects have significantly contributed to improving economic and social conditions in the country.
On this occasion, His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, extended his sincerest congratulations to the Moroccan royal family, government and Moroccan people, and wished them continued prosperity.
Furthermore, he stressed the importance of the unique historic ties between the UAE and Morocco, exemplified by the fraternal relations between the UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan and His Majesty King Mohammed VI of Morocco. Attributing the strong relations between the two countries to the wise directives, guidance and support of the Abu Dhabi government, His Excellency Mohammed Saif Al Suwaidi added; “At ADFD, we are truly proud of our cooperation with the Moroccan government. Together, we have supported many strategic and sustainable projects that have boosted economic growth and elevated living standards in the Morocco.”