Abu Dhabi government grant to support balance of payments in Maldives
Abu Dhabi,12 Sep 2017
Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, is extending an Abu Dhabi government grant worth AED18.4 million to the Maldivian government.
The grant seeks to support the balance of payments in the Maldives, improve the overall economic situation in the country, and aid the Maldivian government in achieving its development plans.
His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, and His Excellency Dr Hussain Niyaz, Maldivian Ambassador to the UAE, signed a Memorandum of Understanding (MoU) outlining the terms of the collaboration at ADFD’s headquarters in Abu Dhabi. ADFD’s senior management and several high-ranking Maldivian officials were also present at the signing.
Highlighting the keenness of the wise UAE leadership to provide development aid where it is needed most, His Excellency Mohammed Saif Al Suwaidi said: “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.”
He added: “ADFD is proud of our four-decade-long association with the Government of the Maldives. The Fund is determined to continue the collaboration through financing infrastructure projects and economic reform programmes that will elevate living standards in the island country and stimulate the growth of key economic sectors.”
For his part, His Excellency Dr Hussain Niyaz praised the UAE’s role in assisting developing countries in achieving their strategic growth objectives. He added that with the help of ADFD’s financial assistance, the Maldives was well on track to achieving its sustainability outcomes.
Since 1976, ADFD has financed infrastructure, telecommunications, transport, housing and energy projects in the Maldives valued at more than AED109 million.