ADFD Signs Three Agreements with Uzbek Government
Abu Dhabi,26 Mar 2019
Abu Dhabi Fund for Development (ADFD), the leading national entity for international development aid, has signed three agreements with the Government of Uzbekistan. These include a memorandum of understanding (MoU) to assess the possibility of financing infrastructure projects in Samarkand worth US$300 million, a US$5 million concessionary loan agreement for feasibility studies for the Samarkand infrastructure projects, and an agreement to establish an investment company between ADFD and Uzbekistan to draw investments into Uzbekistan.
His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, signed all the three agreements on behalf of the Fund. For Uzbekistan, His Excellency Elior Ganiev, Uzbek Deputy Prime Minister, signed the MoU and concessionary loan agreement, while His Excellency Shukhrat Vafaev, Uzbek Deputy Minister of Investments and Foreign Trade and CEO of the Fund for Reconstruction and Development, signed the investment company agreement.
The agreements were signed in the presence of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, as well as His Excellency Shavkat Mirziyoyev, President of Uzbekistan. Senior officials from both sides were also present.
On the occasion, His Excellency Mohammed Saif Al Suwaidi said: “Today’s joint agreements further solidify and strengthen the close bilateral ties between the UAE and Uzbekistan. As a proud strategic partner of Uzbekistan, ADFD is committed to driving sustainable economic development in the country, and achieving the outlined priorities of the Uzbek government.”
He noted that the US$5 million concessionary loan will go towards preparing plans and consultancy studies needed to implement the Uzbek government’s initiatives and projects worth US$300 million that aim to modernise the infrastructure of the city of Samarkand and accelerate socio-economic development.
He added: “The Fund's strategy is to continue playing an active role in stimulating economic growth in developing countries, while broadening our scope in funding development projects across the world. We are equally committed to supporting the UAE national economy through identifying opportunities for investments in collaboration with over 85 of our partner countries.”
For his part, His Excellency Elior Ganiev commended the UAE and ADFD’s role in backing various sustainable programmes across the world. Underlining the strong ties shared between the UAE and Uzbekistan, he said ADFD’s partnership will contribute to achieving the Uzbek government’s ambitious development vision.
He pointed out that the joint ADFD-Uzbek company aims to invest in several economic and development fields, especially in the sectors of tourism, industry and services. Stressing that Uzbekistan is full of diverse investment opportunities, he added that the company will further enhance the investment climate for foreign investors.
Since its inception in 1971, ADFD has financed development projects to the tune of AED84 billion in 88 countries around the world through concessionary loans and Abu Dhabi government grants.