Abu Dhabi Fund for Development evaluates Morocco's newly-proposed projects

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ABU DHABI, 27th December, 2016 (WAM)-- A delegation from the Abu Dhabi Fund for Development, ADFD, a national organisation owned by the Abu Dhabi government, is studying and assessing new development projects proposed by the Moroccan government, the fund said today.

"The proposed initiatives of the Moroccan government will contribute to driving socio-economic growth across all key sectors and create new job opportunities. This latest round of talks highlights ADFDs commitment to facilitating the UAE governments grants to meet Moroccos development goals," said Mohammed Saif Al Suwaidi, Director-General of ADFD.

The ADFD delegation's visit to Morocco is within the framework of the 2013 UAE government grant contribution of AED4.6 billion (US$1.25 billion) to the Gulf Development Fund, a grant programme from the Gulf Operation Council member countries to finance development projects in Morocco over a five-year period.

The delegation met with representatives from Moroccan Ministry of Finance, Ministry of Higher Education, Scientific Research and Training, Ministry of Agriculture and Fisheries, and Moroccos national roads authority, known as Societe Nationale des Autoroutes du Maroc.

The Moroccan officials offered the delegation an overview of the objective of the Moroccan government to foster sustainable development in key sectors, including transport, health, education, energy and water.

Since 1974, ADFD has successfully managed the UAE governments grants totalling AED5.5 billion in value across 55 projects in Morocco. Furthermore, over four decades, the fund has provided the country with approximately AED3.5 billion in concessionary loans to finance 17 projects across the transport, housing, water, healthcare and education sectors.

Established in 1971, the fund's seeks to help developing countries by providing concessionary loans to finance sustainable development projects alongside other long-term investments and direct contributions.

The fund also manages government grants offered by the UAE and monitors the course of the relevant projects. To date, it has financed 488 projects in 83 countries.