ADFD Holds Discussion with AIIB
Abu Dhbai,13 Feb 2018
Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, discussed with the Asian Infrastructure Investment Bank (AIIB) ongoing development initiatives between the two sides and the leading role played by the UAE in achieving sustainable development.
Attended by His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, and Sir Danny Alexander, Vice President and Corporate Secretary of the AIIB, the meeting was held on day two of the sixth edition of the World Government Summit (WGS 2018).
His Excellency Mohammed Saif Al Suwaidi, said: “The UAE is dedicated to supporting the AIIB in achieving its objectives, primarily focusing on offering financing for infrastructure projects in Asian countries and encouraging investment in key sectors to boost economies.”
Commenting on the importance of the three-day summit, he added: “Not only is the World Government Summit 2018 a unique platform in shaping the future of governments, but it also bolsters efforts to achieve the goals of the 2030 agenda. We are proud to be a strategic sponsor of this innovative and multi-disciplined summit.”
The UAE, alongside 76 other countries, joined AIIB as a permanent founding member in April 2015. The country’s contribution to the bank’s capital of US$100 billion accounts for US$1.185 billion. ADFD is mandated to represent the UAE at the AIIB.
For his part, Sir Danny Alexander commended the UAE government on its development efforts, praising ADFD’s role in boosting socio-economic growth in Asian countries.
Since its inception in 1971, ADFD has financed thousands of development projects worth approximately AED80 billion in more than 85 beneficiary countries. Mandated to implement Abu Dhabi government’s foreign aid development programs, the Fund provides concessionary loans, manages Abu Dhabi government grants and injects direct long-term investments with the aim of enhancing the role of the private sector in partner countries.
Under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the World Government Summit 2018 runs from February 11 to 13 at the Madinat Jumeirah in Dubai. The landmark event convenes more than 4,000 participants from 140 countries, including heads of state and governments, as well as top-tier representatives of 16 international organizations.
Hosting more than 130 speakers across 120 interactive sessions, WGS 2018 features five distinct forums that examine the challenges of vital sectors for the future with a view to finding the best resolutions for the greater global good. Furthermore, over 20 specialized global reports spanning key sectors and topics of the summit are being launched during the event.