Total value of grants and concessionary loans stands at $2.5bn, Abu Dhabi Fund for Development said
The Abu Dhabi Fund for Development (ADFD) has financed a total of 76 development projects in Morocco at a value of AED9 billion ($2.5 billion), according to a statement on its website.
The projects span multiple sectors including agriculture, education, healthcare, housing, and transport.
The ADFD has worked with the government of Morocco for four decades, dating back to the early 1970s. The relationship is said to have focused on driving sustainable socio-economic development across sectors that benefit Moroccan citizens.
Speaking about the ADFD’s cooperation with the Moroccan government, Mohammed Saif Al Suwaidi, director general at the Abu Dhabi Fund for Development said, “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.
The ADFD currently owns equity shares in multiple Moroccan companies in the telecommunications, holding, agriculture and livestock, tourism, and industry sectors. These include Maroc Telecom, Rebab Company, Société Delma d’Investissements Touristiques (Delma Company), Société Palmeraie Maroc Emirats (Palmare), Ciments du Maroc (CIMAR) and Union Maroc Emirats Arabes Unis de Pêche (UMEP).