ABU DHABI, (Pakistan Point News - 20th Jan, 2020) Mohammed Saif Al Suwaidi, Director-General of Abu Dhabi Fund for Development, ADFD, has said that the Fund is keen to expand its development activities in developing countries, especially across the African continent that holds significant potential for growth.
Welcoming a visiting high-level delegation from Ethiopia, led by Muferiat Kamil, Ethiopia’s Minister of Peace, at the Fund’s headquarters in Abu Dhabi, he added, that ADFD's development endeavours in Africa have achieved positive results and contributed to ongoing efforts to realise the United Nations’ Sustainable Development Goals, SDGs.
The meeting was attended by Khalifa Al Qubaisi, Deputy Director-General of ADFD, and several high-ranking officials from the two sides.
During the meeting, the two sides discussed strengthening collaborations and explored joint efforts to further finance development projects and investment opportunities in Ethiopia.
Mohammed Saif Al Suwaidi said, "Over the years, ADFD has played an important role in advancing sustainable economic development in Africa as a whole, including Ethiopia. The visit of the Ethiopian Minister of Peace is a significant opportunity to discuss ways to enhance cooperation between the Fund and the Ethiopian government in all aspects of development funding and investment."
For her part, Muferiat Kamil expressed her appreciation to the UAE and ADFD for their sustained development assistance to Ethiopia. She praised the Fund's efforts in supporting economic and social development in various developing countries around the world.
ADFD and the Government of Ethiopia enjoy strong ties dating back to 2012. Since then, the Fund has financed two development projects in Ethiopia worth AED119.4 million.
Since its inception in 1971, ADFD has funded development projects in 94 countries, including 40 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.
