Abu Dhabi: The Abu Dhabi Fund for Development (ADFD is extending an Abu Dhabi government grant worth Dh18.4 million to the government of Maldives, the ADFD announced in a statement on Monday.
The grant seeks to support the balance of payments in the Maldives, improve the overall economic situation in the country, and aid the Maldivian government in achieving its development plans.
His Excellency Mohammad Saif Al Suwaidi, director-general of ADFD, an Abu Dhabi government institution tasked with financing development projects, and His Excellency Dr Hussain Niyaz, Maldivian Ambassador to the UAE, signed a Memorandum of Understanding (MoU) outlining the terms of the collaboration at the ADFD headquarters in Abu Dhabi.
“The grant re-affirms our nation’s dedication to supporting developing countries and helping them overcome their most pressing economic challenges. The funds are earmarked to finance key projects that will boost sustainable development in the Maldives,” Al Suwaidi said.
“ADFD is proud of our four-decade-long association with the Government of the Maldives. The Fund is determined to continue the collaboration through financing infrastructure projects and economic reform programmes that will elevate living standards in the island country and stimulate the growth of key economic sectors,” he added.
Dr Niyaz praised the UAE’s role in assisting developing countries in achieving their strategic growth objectives. He added that with the help of ADFD’s financial assistance, the Maldives was well on track to achieving its sustainability outcomes.
Since 1976, ADFD has financed infrastructure, telecommunications, transport, housing and energy projects in the Maldives valued at more than Dh109 million.