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Abu Dhabi Fund for Development (ADFD) has signed a Memorandum of Understanding (MoU) with the Export-Import Bank of Korea (KEXIM) to enhance collaboration in project co-financing across emerging economies.
The MoU was signed by His Excellency Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD), and Mr. Duk-Hoon Lee, President and Chairman of Korea Eximbank.
The MoU aims to formalize a non-exclusive framework of cooperation and facilitate collaboration between ADFD and KEXIM to promote co-financing of development projects and investments in developing countries through concessional loans.
The agreement targets the urban development, infrastructure, environment, education, agriculture, health, Information and Communication Technology (ICT) sectors, and other potential areas. In addition, the MoU is set to benefit projects focused on renewable energy, energy efficiency, water supply and sanitation, waste treatment, transportation, vocational education and training, agriculture and agribusiness as priority areas in the beneficiary countries.
The two sides will also endeavor to promote the Public Private Partnership (PPP) investment scheme to fulfil the financing gap due to the scale of funding needed for infrastructure development in emerging economies.
His Excellency Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD), said: “The signing of this MoU between ADFD and the Export-Import Bank of Korea marks a new chapter of collaboration between our two countries that have long enjoyed close bonds of shared values and common development objectives.
“The agreement articulates our ongoing commitment to developing effective partnerships towards helping emerging economies achieve greater social and economic mobility. It will also pave the way for wider collaboration and coordination between the UAE and South Korea on developmental issues.”
Al Suwaidi added: “At ADFD, it is a top priority for us to collaborate with like-minded development agencies worldwide towards achieving our shared goal of efficiently utilizing financial resources and technologies to maximize the value of development aid.”
Following the inking of the agreement, Mr. Duk-Hoon Lee, President and Chairman of Korea Eximbank, said: “The MoU between ADFD and KEXIM will further strengthen ties between our institutions in the area of development aid, while facilitating economic cooperation between Korea and the UAE. It will also help both KEXIM and ADFD gain wider recognition in the area of international development.”
Established in 1971, ADFD is a national organization responsible for assisting developing countries through administering loans and direct grant aid on behalf of 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 428 development projects in 72 countries around the world.
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