UAE's ADFD finances 76 development projects in Morocco worth $2.45billion

ADFD currently owns equity shares in several Morocco-based companies.

  
Earthworks underway for Biwater's Wastewater Treatment Plant in Laayoune, Morocco.

Earthworks underway for Biwater's Wastewater Treatment Plant in Laayoune, Morocco.

Biwater Laayoune project handout via Thomson Reuters Projects

ABU DHABI, 30th July, 2017 (WAM) -- The Abu Dhabi Fund for Development, ADFD, has supported Morocco with grants and concessionary loans worth AED9 billion across 76 development projects. The projects spanned diverse sectors, most notably transport, housing, water and agriculture, education, and healthcare.

ADFD currently owns equity shares in several Morocco-based companies, active in the telecommunications, holding, agriculture and livestock, tourism, and industry sectors.

According to ADFD’s country report marking Morocco's Throne Day on 30th July, the 76 development projects have significantly contributed to improving economic and social conditions in the country.

On the occasion of Throne Day, Mohammed Saif Al Suwaidi, Director-General of ADFD, extended his sincerest congratulations to the Moroccan royal family, government and Moroccan people, and wished them continued prosperity.

He stressed the importance of the unique historic ties between the UAE and Morocco, exemplified by the fraternal relations between the President His Highness Sheikh Khalifa bin Zayed Al Nahyan and King Mohammed VI of Morocco.

Attributing the strong relations between the two countries to the wise directives, guidance and support of the Abu Dhabi government, Al Suwaidi added, "At ADFD, we are truly proud of our cooperation with the Moroccan government. Together, we have supported many strategic and sustainable projects that have boosted economic growth and elevated living standards in Morocco."

© Copyright Emirates News Agency (WAM) 2017.


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