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Loan Agreement worth AED 356 million to support irrigated agriculture in Serbia

Serbia,09 Mar 2014

Abu Dhabi, 9th Mar 2014 – Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the government of Serbia, by which ADFD will provide AED 356 million to contribute in financing a significant project in agriculture sector specifically irrigated agriculture.<br /><br />
The agreement was signed by His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD and H.E Lazar Krstic, Minister of Finance in Republic of Serbia. <br /><br />
The project aims to reclamation 13 agricultural sites with a total area estimated at 24 thousand hectares of agricultural land in the province of Vivodena in the Republic of Serbia, this project expected to contribute in giving a strong boost in terms of raising the efficiency and productivity of the agricultural sector in the country.<br /><br />
About the importance of the project, H.E Mohammed Saif Al Suwaidi, Director General of ADFD said: “ADFD and the UAE government have put special emphasis on supporting the growth and development of the agricultural sector in developing countries, as this represents one of the most significant sectors because of number of reasons: the huge workforce employed in it; its role in satisfying the increasing local consumption of food; and providing the foodstuff industry in the country with raw materials. The excess local production is exported to many regional and international markets, a trade that is one of the biggest foreign currency earners for the country.”<br /><br />
ADFD Director General also stressed on the UAE leadership keen on the development and strengthening of cooperation with the Republic of Serbia, noting the good relations that combine the two countries since ever, and support the Serbian government in various fields, especially economic and finance development projects that benefit positively the Serbian people.<br /><br />
“ADFD provided loan to support the agricultural sector through this important project would have a significant impact in supporting the efforts of the Serbian government in achieving food security, and provision the basic needs of food for the Serbian people, additionally, the project will contribute to stimulate a number of other sectors related to food industries in the country and thus would help the Serbian economy to recovery.” said the H.E Lazar krstic
H.E the Serbian minister of finance, also stressed the depth of relations with the United Arab Emirates, stressing his country's keenness to develop its bilateral relations with the UAE and support everything that enhances the aspects of joint cooperation at all levels, and expressed his thanks and appreciation of the Republic of Serbia's government and people for the leadership and people of the UAE for their continuous support to his country , and its eagerness to support the plans for economic and social development in Serbia.