The Abu Dhabi Fund for Development (ADFD) - one of the most leading international organizations in development aid - is said to extend a grant worth of AED 18.4 million (or USD 4.97 million) to the government of Maldives.
According to Abu Dhabi City Guide, 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."
A Memorandum of Understanding (MOU) was signed between Director General of ADFD H.E. Mohammad Saif Al Suwaidi and Maldivian Ambassador to UAE Hussain Niyaz, outlining the terms of collaboration.
Senior management of ADFD and several high ranking officials from Maldivian government were present at the signing ceremony at the entity's headquarters.
The Director General of ADFD focusing on the sound leadership to provide development aid when necessary, 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.”
Suwaidi also added "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 programmes that will elevate living standards in the island country and stimulate the growth of key economic sectors.”
Maldivian Mission head at UAE, Niyaz praised UAE's role in assisting developing countries and assist them in achieving their strategic growth objectives.
Since 1976, the ADFD has financed infrastructure, telecommunication, transport, housing and energy projects in Maldives.
