Sign In
News

ADFD Conducts Exploratory Meeting with the Zambian President to Boost Economic Cooperation

,26 Nov 2019

His Excellency Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD), received Zambian President His Excellency Edgar Lungu, at the Fund’s headquarters in Abu Dhabi to discuss the strengthening of relations between the UAE and Zambia across areas of mutual interest.

Coinciding with President Lungu’s two-day state visit to the UAE, the meeting also examined ways of driving sustainable economic development between the Fund and the Government of Zambia.

Speaking on the occasion, His Excellency Mohammed Saif Al Suwaidi said: “The UAE and Zambia enjoy robust bilateral relations that date back decades. We are delighted to welcome President Edgar Lungu to the Fund today and to explore means of strengthening our strategic partnership in line with the Zambian government’s outlined development priorities in key sectors.”

He added: “ADFD is always keen to conduct exploratory meetings with strategic stakeholders and identify key development opportunities that work to advance the implementation of the United Nation’s Sustainable Development Goals.”

For his part, President Edgar Lungu praised the leading role played by the UAE and ADFD in driving development initiatives and growth across the world’s developing nations.

Elaborating on his government’s ambitious socio-economic vision for Zambia’s long-term growth, His Excellency Lungu expressed his appreciation for ADFD’s mandate of supporting beneficiary countries in realising their development goals.

Since its inception in 1971, ADFD has funded development projects in 95 countries, including 39 African nations, to the tune of AED92 billion through concessionary loans, government grants, and investments. The Fund’s total expenditure in Africa amounts to an estimated AED23 billion. ADFD has also invested in eight companies and two private equity funds to boost a variety of sectors on the African continent.