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ADFD Discusses Economic Cooperation with Uzbekistan Government

Abu Dhabi,25 Sep 2019

His Excellency Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD), met with His Excellency Sardor Umurzakov, Minister of Investments and Foreign Trade of Uzbekistan, to discuss the strengthening of relations between the UAE and Uzbekistan across various fields of mutual interest. The meeting also examined ways of bolstering investment and economic cooperation between the Fund and the Government of Uzbekistan.

The two parties explored diverse investment opportunities and the possibility of financing several infrastructure projects prioritised in the Uzbekistan government's development agenda.

Speaking on the occasion, His Excellency Mohammed Saif Al Suwaidi said: “ADFD and the Uzbekistan government continue to enjoy robust and friendly ties.

Our meeting with the Minister of Investments and Foreign Trade is an important step in future collaboration.”

He added: “To promote sustainable economic development in Uzbekistan, the Fund is currently assessing development infrastructure and joint investment projects.”

For his part, His Excellency Sardor Umurzakov commended the UAE’s and ADFD’s roles in backing various sustainable programmes across the world, pointing out the Fund’s pioneering experience in infrastructure development projects.

He added that Uzbekistan offers rich and diversified investment opportunities, in addition to a favourable economic climate for foreign investors.

In March 2019, ADFD signed several agreements with the Government of Uzbekistan. These include a memorandum of understanding (MoU) to evaluate the possibility of financing infrastructure projects in Samarkand worth US$300 million, and a US$5 million concessionary loan agreement to fund feasibility studies for the Samarkand infrastructure projects.