ADFD Allocates US$50 Million to Chadian Government
,20 Dec 2018
Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, today allocated a government grant worth US$50 million (AED184 million) to support the Chadian government in achieving its development goals. The funding will contribute to driving financial stability in the Central African country and fuel the growth of key sectors.
The funding includes the financing of technical and economic studies for the development of water resources for various uses, livestock and agricultural developments, as well as supporting development projects outlined within the general budget of Chad.
His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, His Excellency Ahmed Alkhoudar Ali Fadel, Chadian State Secretary for Finance and Budget, and His Excellency Zakaria Idriss Deby, Chadian Ambassador to the UAE, signed a memorandum of understanding outlining the terms of the funding at the headquarters of the Fund. Senior representatives of the two entities also attended the signing ceremony.
Speaking on the occasion, His Excellency Mohammed Saif Al Suwaidi, said: “The UAE and Chad have enjoyed strategic bilateral ties, strengthened by constructive cooperation and participation in crucial strategic relations. ADFD is proud to play an instrumental role in contributing to these efforts.”
He added: “The US$50 million will facilitate the Chadian government in achieving its national development plan. The new funding commitment reinforces our keenness in helping the Government of Chad in elevating the standards of living of its people, especially through supporting the development of water resources for various uses including agriculture and rearing livestock.”
Al Suwaidi concluded: “We look forward to further constructive cooperation with the Chadian government, particularly in financing development projects that are in line with their national agenda. Moreover, within the framework of its outlined strategy and objectives, the Fund is ready to study and fund projects that contribute to the economic and social development of Chad.”
For his part, His Excellency Ahmed Alkhoudar Ali Fadel, praised the collaboration between the UAE and Chad, noting the UAE leadership’s strong commitment to bolstering cooperation. He also commended ADFD’s prominent role in administering concessionary loans and managing development projects on behalf of the Abu Dhabi Government in Africa and across the globe. He added that the Government of Chad is eager to strengthen collaboration with the UAE and ADFD in promoting sustainable development in his country.
Since its inception in 1971, ADFD has financed development projects in more than 88 countries across the globe, including 40 African nations, to the tune of AED83 billion through concessionary loans and Abu Dhabi government grants. The Fund’s total expenditure in Africa amounts to an estimated AED20 billion.