Abu Dhabi Fund for Development (ADFD) today announced a grant of AED183.5 million (US$50 million) for the support of development projects in the Republic of Djibouti.

To be managed by ADFD under the directives of the UAE President His Highness Sheikh Khalifa Bin Zayed Al Nahyan, the grant will be allocated in installments of AED36.7 million (US$10 million) over a five year period.

A memorandum of understanding (MoU) was inked in the presence of His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, and His Excellency Osman Moussa Darar, Ambassador of the Republic of Djibouti to the UAE.

His Excellency Mohammed Saif Al Suwaidi, Director General, ADFD, said: “The UAE and the Republic of Djibouti enjoy strong and outstanding bilateral relationship at all levels. At ADFD, we are committed to boosting this synergy through supporting development projects in sectors that constitute important priorities for the government of the Republic of Djibouti, especially in the infrastructure sector.

“ADFD seeks to leverage development aid as an effective tool to address various economic and social challenges in emerging economies through working closely with regional and international agencies.”

His Excellency Osman Moussa Darar, Ambassador of the Republic of Djibouti to the UAE commended the UAE’s development initiatives as well as ADFD’s leading role in accelerating social and economic development in the Republic of Djibouti across key economic sectors.

In 2012, ADFD had signed a memorandum of understanding (MoU) with Djibouti for supporting the state treasury through extending a grant of over AED26 million.

Established in 1971, ADFD is a national organization responsible for assisting developing countries through administering loans and direct grant aid provided by the Abu Dhabi government. The Fund aims to promote sustainable socio-economic development and private sector growth in target countries. Since its inception, ADFD has overseen the provision of AED64 billion towards financing 424 development projects in 71 countries around the world. 

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