ADFD Finances Development Projects in Bangladesh Worth AED700 Million
Abu Dhabi,07 May 2017
Abu Dhabi Fund for Development (ADFD) and the Government of Bangladesh have enjoyed close ties of strategic partnership. The constructive cooperation and bilateral relations between both sides aimed to promote sustainable development in vital economic sectors that in-turn benefit the citizens of Bangladesh.
In a report, the Fund said that it has provided the Bangladeshi government with grants and concessionary loans totalling AED700 million to fund nine development projects. These projects covered several sectors including industry, energy, and infrastructure.
His Excellency Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD) stressed ADFD’s keenness to support the Bangladeshi government in its efforts to promote development through financing projects that support infrastructure development - a pre-requisite for growth and social prosperity.
He said that ADFD’s development activities in Bangladesh articulated its crucial role in supporting economic and social development across developing countries.
Al Suwaidi also highlighted that the projects implemented by ADFD in Bangladesh are aligned with its vision to work closely with developing countries to achieve their development goals. To achieve this goal, ADFD has formed a strategic partnership with Bangladesh to provide the country with necessary financial resources and to enable its public and private sectors to fulfil sustainable economic growth targets.
In addition, ADFD holds a 60 percent stake in the UAE-Bangladesh Investment Company Limited (UBICO). Established in 1987, the company aims to support the economic and social development of Bangladesh through providing concessionary loans to bolster sustainable projects thus alleviating livings standards and creating job opportunities.