In line with its efforts to develop strategic partnerships, the Ministry of Finance (MoF) signed a memorandum of understanding (MoU) with the Abu Dhabi Fund for Development (ADFD) today to enhance joint cooperation efforts between both parties. The agreement aims at establishing the grounds for collaboration, and on promoting an environment that encourages external developmental contributions. The agreement will also work on improving the exchange information regarding aid strategies provided by UAE institutions, as well as enhancing exchange of technical and technological expertise.

The agreement was signed at MoF headquarters in Abu Dhabi by HE Younis Haji Al Khoori, Undersecretary of MoF, and HE Mohammed Saif Al Suwaidi, Acting Director General of ADFD.

This cooperation falls in line with the common strategic goals set by MoF and ADFD, which reflect the UAE economic policy and highlight its role in achieving sustainable development for the UAE and positioning it as a leading nation on a regional and global level. The MOU also aims at enhancing international financial relations with regional and global countries, institutions, organizations, and development funds in efforts to improve performance and financial systems used.

Commenting on the MoU, HE Younis Haji Al Khoori, said: “The agreement exemplifies the cooperation spirit between the local and federal authorities aiming at enhancing exchange of capabilities and experiences in areas of common interest. Furthermore, the MoU falls in line with MoF’s strategy of cooperating with local and federal authorities, in addition to supporting and developing private projects and investments to achieve MoF’s strategy of implementing a sustainable and balanced development for the UAE

HE Mohammad Saif Al Suwaidi added that this MoU acts as an important step in enhancing partnership between both parties to encourage the exchange of expertise, data and statistics pertaining to foreign aid. The collaboration also aims at highlighting the policies of the UAE concerning the support of developing countries to aid them in achieving socio-economic development. Al Suwaidi went on to praise this partnership with the ministry of finance, and emphasized ADFD’s commitment to provide all the necessary tools to support the terms of the MOU, and thus achieve a fruitful strategic partnership execute.

The memorandum included many terms aiming at establishing collaborative efforts in terms of sharing expertise, training, consultations and research pertaining to strategies plans to improve and encourage investment among public and private sectors organizations. The agreement also involves efforts to organize common events and workshops between both parties, collaborate on local and regional economical and financial issues, and share efforts in fields of training; rehabilitation, research and expertise in the preparation of case studies on subjects of common interest.
 

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