Abu Dhabi Fund for Development (ADFD), has allocated an AED11 billion ($3 billion) economic aid package to the Ethiopian government to support sustainable socioeconomic development in that country.

ADFD deposited an amount of AED3.7 billion ($1 billion) in the National Bank of Ethiopia to bolster the countrys fiscal and monetary policy, as well as to enhance the liquidity and foreign exchange reserves of its central bank.

The remaining AED7.3 billion ($2 billion) seeks to stimulate the Ethiopian economy and encourage joint investments, according to state news agency WAM.

"Under the wise leadership of the UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and the directives of His Highness Sheikh Mohammed bin Zayed Al Nahyan, ADFD contributes to the UAE’s efforts to assist developing countries in achieving sustainable development and improving socioeconomic conditions,” said Mohammed Saif Al Suwaidi, Director General of ADFD, and Teklewold Atnafu, Governor of the National Bank of Ethiopia.

He added that the funding will encourage the UAE private sector to enter the Ethiopian market and benefit from the investment opportunities it offers, and that the funding will boost the country’s gross national income (GNI) and revitalise key strategic sectors.

ADFD’s contribution to the development of Ethiopia dates back to 2012.

Since then, the Fund has disbursed AED36.7 million ($10 million) towards financing the Gedo FinchaLimlem Peria Road project.

The operational 80 km road serves the Oromia Region in the west of the Ethiopian Highlands, facilitating the movement of vehicles and reducing transportation costs. Since its inception in 1971, ADFD has financed development projects valued at AED80 billion in 88 countries around the world.

The Fund focuses on projects that enhance key sectors including renewable energy, transport, infrastructure, agriculture, mining, industry, health care, social services, housing, water and electricity.

© 2018 CPI Financial. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.