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Abu Dhabi Fund for Development Deposits $1bn in Central Bank of Egypt

Egypt, 23 Aug 2016
Abu Dhabi Fund for Development (ADFD), the UAE’s international development arm, announced that it has deposited US$1 billion in the Central Bank of Egypt for a period of 6 years to finance development projects and support the economic growth of Egypt.
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The historic agreement was signed between His Excellency Mohammed Saif Al Suwadi, Director General of ADFD, and His Excellency Tariq Hassan Amer, Governor of the Central Bank of Egypt.
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Al Suwaidi commented, “The deposit has been made under the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme commander of the UAE Armed Forces. It will strengthen the historical ties between the UAE and Egypt.”
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He added: “The UAE - Egypt enjoys a strong partnership based on economic, social, demographic and cultural ties and the UAE is a proud supporter of enabling Egypt to realise its potential and address its current economic challenges.’
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The new funding will support key Egyptian government initiatives to support economic growth, especially through new infrastructure, which is at the heart of ADFD’s international development philosophy given its role in building strong socio-economic foundations.
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For his part, His Excellency Tariq Hassan Amer applauded the UAE’s ongoing efforts to support the Egyptian government in promoting economic growth and financing development projects that will ensure improved livelihoods, opportunities and quality of life for the people of Egypt.
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He added that ADFD’s deposit in the Central Bank of Egypt will also have short term benefits, by supporting Egypt’s foreign reserves and contributing to the stability of the Egyptian Pound in next few months. <br /><br />
He added: “The UAE is one of the top countries with direct investments in Egypt, and several UAE-based companies are active in various economic sectors of Egypt. The country is among the top nations that provide unconditional support to the Egyptian economy.”
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Since it commenced operations in Egypt in 1974, ADFD has allocated AED3.3 billion towards 17 development projects in Egypt.  These projects have supported key sectors including housing, transportation and agriculture, improving the standard of living for millions of its population, and supporting Egyptian Government’s various economic development programmes and schemes .