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ADFD signs agreement with US development agency

ABU DHABI, February 11, 2020

Abu Dhabi Fund for Development (ADFD) has signed a strategic agreement with the United States International Development Finance Corporation (DFC),an independent agency of the Government of the United States of America.

The areas of collaboration outlined by the memorandum of understanding (MoU) include the exchange of knowledge and expertise between the two parties especially in the field of financing private sector investments internationally with a particular focus on projects having a transformative impact on communities in developing countries.

Under the agreement, ADFD will benefit from DFC’s long-standing experience, and receive guidance in setting up a solid Private Sector Financing program that includes policies, manuals, procedures, and structure.

The MoU was signed by Mohammed Saif Al Suwaidi, director general of ADFD, and Adam Boehler, chief executive officer of DFC at the ADFD headquarters in Abu Dhabi.

 The signing ceremony drew the participation of Ambassador of the United States to the United Arab Emirates John Rakolta Jr., Khalifa Al Qubaisi, deputy director general of ADFD and several senior representatives of the two parties.

Al Suwaidi said: “We are delighted to sign this MoU that articulates ADFD’s keenness to work closely with international organisations to address the greatest challenges affecting sustainable development globally. In addition to strengthening the long-standing strategic partnership between the UAE and the USA, the MoU will allow us to catalyse private sector investments to maximise the socio-economic effects of our projects worldwide.”

“We are confident that our synergy will contribute to the economic and social stability of communities in developing countries through creating new economic opportunities and driving sustainable growth, also added that ADFD enjoys a diversified investment portfolio which plays a crucial role in stimulating sustainable economic growth in developing countries,” he added.

Boehler said:“The need for investment and development is one of the challenges standing between the Middle East and a more prosperous, stable, and secure future for the region. Through this collaboration between DFC and ADFD, together we can help chart new growth opportunities that will uplift underserved communities across a region of critical importance.”

Through their strategic partnership, ADFD and DFC will work closely together to consolidate their development collaboration, exchange information, identify prospects for development projects and enter project-specific cooperation agreements. In doing so, they are set to ensure an impactful contribution to addressing the challenges faced by developing countries and further enhance their ability to tackle emerging challenges in the international development arena.

DFC seeks to mobilise and facilitate the investment of US private capital and skills in the economic and social development of less developed countries and areas through offering financing and political risk insurance for investment projects. – TradeArabia News Service




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