Abu Dhabi Fund for Development finances US$ 70 million housing project in Albania

This grant supporting the Albanian urban reconstruction program is being provided under the direction of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces for implementation by ADFD

  
His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD

His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD

Abu Dhabi, UAE: Abu Dhabi Fund for Development (ADFD), the leading national entity for economic development, approved a grant of AED 257 million (US$70 million) provided by the UAE government to fund the development of more than 2,000 residential housing units that is part of the urban redevelopment of one Albania’s leading economic centers that sustained major damage from a series of recent earthquakes.

This grant supporting the Albanian urban reconstruction program is being provided under the direction of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces for implementation by ADFD. His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, and H.E Arben Ahmetaj, Minister of State for Reconstruction in Albania signed the Memorandum of Understanding of the funding in Abu Dhabi.

His Excellency Mohammed Al Suwaidi said: “This development project truly represents the core values of ADFD and the UAE. It helps provide people with safe, affordable housing in line with UN Sustainable Development Goals while contributing to the positive economic development of a long-term strategic global partner nation.”

Durrës County is home to the nation’s second largest city as well as the Port of Durrës, one of the largest transportation, shipping and logistics hubs on the Adriatic Sea that links Albania to Western Europe. Durrës County was hit by two earthquakes in 2019, including the strongest quake to hit the region in more than 30 years just months before the COVID-19 pandemic struck. This project will provide housing to the thousands of local residents displaced when 2,500 buildings were rendered uninhabitable as a result of those quakes.

“Albania and the United Arab Emirates have long maintained a strong and mutually beneficial economic cooperation relationship,” said H.E Arben Ahmetaj, Minister of State for Reconstruction in Albania. “We also have an excellent track record successfully working with ADFD to fund and develop critical infrastructure projects that are strategically important to sustaining our national economy. The redevelopment of Durrës County has been impacted by the global pandemic and this project will help accelerate our continued economic recovery.”

The Durrës County housing grant is being administered by ADFD under direction of the UAE government. ADFD will work closely with the Albanian government to monitor and supervise the project development to ensure construction is in line with international quality, environmental and safety standards.

Since 2011, ADFD has funded projects totaling greater than AED 440 million (US$119 million) that included Tirana River and road rehabilitation projects that contributed to the national economic revitalization strategy and helped increase foreign investment in Albania.

-Ends-

About Abu Dhabi Fund for Development (ADFD)

Abu Dhabi Fund for Development (ADFD) is a leading national entity for economic development owned by the Abu Dhabi government. Established in 1971, it aims to help emerging countries by providing concessionary loans to finance sustainable development projects as well as administering long-term investments and direct contributions. In addition to managing development grants offered by the Abu Dhabi government, ADFD has adopted a policy of supporting the national economy and financing UAE private sector investments. Since its inception, ADFD has marked developmental milestones in 97 developing countries. Spanning the last 49 years, the Fund's development projects and investments, valued at AED104 billion, have helped the beneficiary countries to achieve sustainable economic growth.

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2020

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases