Monday, July 24, 2017

Abu Dhabi fund grants $1bn for projects in Egypt

The Abu Dhabi Fund for Development (ADFD) has provided a total of Dh4 billion ($1.08 billion) worth of grants and concessionary loans to Egypt spanning across 64 development projects, a report said.

The constructive cooperation between ADFD and the Government of Egypt continues to promote sustainable development in vital economic sectors that benefit the citizens of Egypt, reported Wam, the Emirates official news agency.

The funded projects spanned over diverse sectors, most notably transport, housing, agriculture and irrigation, energy, industry and mining, education and healthcare.

In addition, ADFD owns an 84 per cent stake in Abu Dhabi Tourist Investment Company, a Cairo-based hotel and tourism holding firm, Mohammed Saif Al Suwaidi, director general of ADFD, stated.

Al Suwaidi made the statements on the occasion of Egypt’s July 23 Revolution Day, where he complimented the government and people of Egypt on making significant headway in fulfilling the nation’s development goals.

He noted that such efforts would significantly contribute to improving the everyday lives of its citizens and accelerate Egypt’s economic growth.

He emphasised ADFD’s keenness to bolster the Egyptian government’s endeavours through financing projects that support infrastructure development – a prerequisite for socio-economic growth and prosperity.

He added, "ADFD’s work in Egypt over the past four decades is a testimony to the fund’s crucial role in boosting economic and social development across developing countries. The fund’s projects align with the expansive vision and goals of the Egyptian government."

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