ADFD extends AED18.4m funding to Maldives

The Abu Dhabi Fund for Development (ADFD), the leading UAE entity for development aid, is extending an Abu Dhabi government grant worth AED18.4 million to the Maldivian government.

The grant seeks to support the balance of payments in the Maldives, improve the overall economic situation in the country and aid the Maldivian government in achieving its development plans.

His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, and His Excellency Dr Hussain Niyaz, Maldivian Ambassador to the UAE, signed a Memorandum of Understanding (MoU) outlining the terms of the collaboration at ADFD’s headquarters in Abu Dhabi.

Reaffirming dedication

Highlighting the keenness of the wise UAE leadership to provide development aid where it is needed most, Al Suwaidi said: “The grant re-affirms our nation’s dedication to supporting developing countries and helping them overcome their most pressing economic challenges. The funds are earmarked to finance key projects that will boost sustainable development in the Maldives.”

He added: “The ADFD is proud of our four-decade-long association with the Government of the Maldives. The Fund is determined to continue the collaboration through financing infrastructure projects and economic reform programs that will elevate living standards in the island country and stimulate the growth of key economic sectors.”

On track for sustainability

Niyaz praised the UAE’s role in assisting developing countries in achieving their strategic growth objectives. He added that with the help of ADFD’s financial assistance, the Maldives was well on track to achieving its sustainability outcomes.

Since 1976, ADFD has financed infrastructure, telecommunications, transport, housing and energy projects in the Maldives, valued at more than AED109m.