Abu Dhabi Fund for Development to finance $50mln for Maldives projects

Funding will support the implementation of several development projects across vital economic sectors

  
An aerial view shows a resort island at the Male Atoll December 7, 2009.

An aerial view shows a resort island at the Male Atoll December 7, 2009.

Reuters/Reinhard Krause

ABU DHABI - The Abu Dhabi Fund for Development, ADFD, the leading national entity for economic development aid, today signed an agreement with the government of Maldives to provide funding support to the tune of US$50 million (AED184 million) for infrastructure development projects in the Maldives.

The agreement was signed by Mohammed Saif Al Suwaidi, ADFD Director-General, and Abdulla Shahid, Maldives' Minister of Foreign Affairs, in the presence of several senior officials from both sides.

Aimed at strengthening the efforts of the Maldivian government to promote the socio-economic development of the island nation, the funding will support the implementation of several development projects across vital economic sectors to deliver a significant positive impact on the country’s economy.

Commenting on the announcement, Mohammed Al Suwaidi said, "This agreement articulates ADFD’s commitment to supporting the development programs of the Maldivian government to drive economic growth and achieve sustainable development in the country." "At ADFD, we take a keen interest in supporting infrastructure projects given its importance and far-reaching developmental impact on various sectors," he added.

Al Suwaidi went on to explained that in addition to catalysing economic growth and boosting sustainable development, such projects help create an enabling environment for foreign investments, and stimulate growth in trade, transport and tourism. "Furthermore, they create thousands of job opportunities for local communities and provide them with improved livelihoods." For his part, Abdulla Shahid, lauded the UAE’s continued support for the Maldives through ADFD’s active involvement in funding several development projects in the country. He noted that such projects help the Maldivian government to pursue its development agenda and fulfil its vision to ensure economic and social prosperity for the people of the Maldives.

The Maldivian minister also reiterated his government’s desire to enhance collaboration with ADFD to increase economic support and investment in sectors key to sustainable development and inclusive growth.

Since 1976, ADFD has been actively involved in the development of the Maldives through supporting government efforts to promote sustainable development. To this end, ADFD has allocated AED748 million towards the development of several projects serving vital economic sectors including transport, housing and renewable energy.

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