Construction

ADFD signs agreement for $20m contribution to Arab Gulf Programme for Development

Contribution will fund strategic development efforts in key socio-economic sectors

The Abu Dhabi Fund for Development (ADFD), the national entity for economic development aid, has signed an agreement detailing the UAE’s capital contribution of $20 million to the Arab Gulf Programme for Development (AGFUND).

As one of the founding countries of AGFUND, the UAE has supported the programme’s objectives, goals and activities since 1982. To date, the UAE’s contributions to the fund to more than $37 million.

Mohammed Saif Al Suwaidi, ADFD Director-General, and Youssef Al Bassam, Vice Chairman of AGFUND, signed the agreement outlining the terms of the contribution at ADFD’s headquarters in Abu Dhabi. Also present on the occasion were Khalifa Al Qubaisi, Deputy Director General of ADFD, Nasser Alkahtani, Executive Director of AGFUND, and several high-ranking officials from both parties.

“In line with its mission to stimulate sustainable economic growth worldwide, ADFD is proud to represent the UAE and expand its strategic development efforts through partnering with AGFUND. We are confident that our collaboration will result in a wealth of benefits in key socio-economic sectors,” said Mohammed Saif Al Suwaidi.

“The Fund works alongside its partners and in cooperation with international organisations and funding institutions to assist beneficiary countries in achieving their national priorities. In doing so, we also contribute to ongoing efforts to realise the United Nations’ Sustainable Development Goals, SDGs,” he added.

For his part, Youssef Al Bassam thanked the UAE for their contribution, and praised ADFD’s impressive 48-year track record in supporting sustainable projects and programmes across the world. He also highlighted AGFUND’s sustainable development and poverty alleviation endeavours among vulnerable segments of society.

Established in 1980, AGFUND is a regional organisation that aims to tackle human development challenges across all segments of society. Its programmes focus on financial inclusion, education, early childhood development, women’s empowerment, and development of civil society.

Since its inception in 1971, ADFD has funded development projects in 94 countries to the tune of $25 billion through concessionary loans, government grants, and investments. Spanning all key sectors, the Fund’s projects support socio-economic growth in developing countries and drive the implementation of the SDGs.

0 0 vote
Article Rating

Comments

Most Popular

To Top