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Abu Dhabi fund to grant Dh40 million to Comoros

The grant will help enhance the efficiency of public utility systems such as electricity supply

Gulf News

ABU DHABI: The Abu Dhabi Fund for Development (ADFD) has allocated an Abu Dhabi government grant of Dh40 million to the Comorian government for electricity network development.

The grant will help enhance the efficiency of public utility systems such as electricity supply in the Comoros through installing new transformers and generators with a total capacity of 11 megawatts.

It will also rehabilitate the existing distribution networks.

Mohammad Saif Al Suwaidi, director-general of ADFD and Said Ali Said Chayhane, Comorian Minister of Finance and Budget, signed a memorandum of understanding (MoU) to this effect.

Al Suwaidi said, “The UAE and the Comoros continue to enjoy close bilateral ties. The latest development grant is in line with the directives of the UAE leadership to support sustainable socio-economic growth in developing countries.

“The fund’s top priority is to provide development funding that assists beneficiary nations in achieving their national growth agenda. Through improving the electricity networks in the Comoros, the Abu Dhabi government grant will help elevate the living standards of the island nation.”

Representatives of ADFD’s senior management and several high-ranking Comorian officials were also present at the signing.

Chayhane praised the UAE leadership’s global sustainable development efforts.

The activities of the fund in the Comoros date back to 1979 when it provided loans and grants worth Dh69 million to finance five projects supporting key sectors, notably education, transport, health and electricity.

Since its inception in 1971, the ADFD has financed development projects to the tune of about Dh77 billion in more than 80 countries around the world through concessionary loans and Abu Dhabi government grants.