Abu Dhabi ADFD, IDB Group explore partnership possibilities

ABU DHABI, 13th March, 2017 (WAM) -- Abu Dhabi Fund for Development, ADFD, today hosted a high-profile delegation from the Inter-American Development Bank, IDB, Group to discuss opportunities for cooperation on future development projects in Latin America and the Caribbean.

Mohammed Saif Al Suwaidi, Director-General of ADFD, Luis Alberto Moreno, President of IDB, as well as senior representatives from both sides attended the meeting.

The participants explored new strategies and potential partnerships in support of infrastructure development projects for any of the 26 IDB financed countries, and set a schedule of future meetings to firm-up and elaborate project specifics.

Al Suwaidi said, "ADFD is keen to pursue new partnership opportunities to better serve developing countries. Within the framework of development projects in Latin America and the Caribbean, we have identified several initiatives that aim to support governments in achieving their socio-economic goals and growth objectives."He added, "IDB is one of the oldest banks in the region that has spearheaded significant efforts to advance infrastructure development. Given our shared vision and customised, multi-pronged approach to funding developmental projects, a joint initiative between ADFD and IDB would bring greater benefits, support more lives and drive more economic stimuli."Mr. Moreno highlighted the similarities between the operations of the two parties from their common focus on infrastructure development to supporting governments and collaborating with the private sector. He welcomed the potential partnership with ADFD and expressed banks keenness on future collaboration in co-financing developmental projects.

In closing, Moreno invited ADFD to attend the next IDB annual meeting, held in Paraguay in end-March 2017, to study development plans.