ADFD Earmarks US$50 Million Government Grant for Development Projects in Comoros
Abu Dhabi,31 Jan 2019
Abu Dhabi Fund for Development (ADFD), the leading national entity for international development aid, has allocated a government grant worth US$50 million (AED184 million) to support the Comorian government with its development plans.
On the sidelines of the visit of a high-ranking UAE delegation to the Comoros – headed by His Excellency Eng Suhail bin Mohammed Faraj Faris Al Mazrouei, UAE Minister of Energy and Industry, and the Chairman of the Committee for Supporting Investment and Development Projects in the Comoros – His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, and His Excellency Mohamed El Amine Souef, Minister of Foreign Affairs, International Cooperation and the Francophonie, in charge of Comorians abroad of the Union of Comoros, signed a Memorandum of Understanding (MoU) outlining the terms of the funding. Top tier UAE and Comorian officials were present at the signing ceremony that was held in the Comorian capital, Moroni.
Speaking on the occasion, His Excellency Eng Suhail bin Mohammed Faraj Faris Al Mazrouei, said: “Under the directives of UAE President, His Highness Sheikh Khalifa bin Zayed Al Nahyan, and His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, the grant was allocated to support the Comorian government in their development plans. The UAE aims to further enhance ties with the Comoros across all fields.”
“We look forward to working alongside our Comorian counterparts in identifying key and energy development projects as well as initiatives for funding.”
His Excellency Al Mazrouei added: “The UAE, represented by the Abu Dhabi Fund for Development, has financed several development projects in the Comoros. Spanning strategic sectors, these projects have driven long-lasting economic growth in the country.”
Elaborating on the grant’s future socio-economic benefits, His Excellency Mohammed Saif Al Suwaidi said: “ADFD is proud to partner with the Comorian government in supporting their development plans. Through this grant, we aim to drive economic growth, create job opportunities and elevate living conditions in the island country.”
His Excellency Al Suwaidi added: “For more than three-and-a-half decades, ADFD’s funding has helped the Comoros to overcome economic and development challenges.”
For his part, His Excellency Mohamed El Amine Souef, applauded the UAE government’s efforts in driving sustainable development, highlighting the support to the Comoros and numerous African nations. In addition, he commended the Fund’s relentless drive to support the priorities of developing countries across the world.
In September 2017, ADFD approved a government grant worth AED40 million to the Comorian government. The grant aimed to enhance the efficiency of public utility systems such as electricity supply in the country through the installation of new transformers and generators with a total capacity of 11 megawatts, as well as the rehabilitation of existing distribution networks.
Since its inception in 1971, ADFD has funded development projects in 88 countries across the globe 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. Spanning key sectors including health, education, transport, water and electricity, ADFD’s expenditure in the Comoros totals AED253 million.