ADFD backs $3bn Ethiopian development projects
ABU DHABI, June 16, 2018
Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid in the UAE, has allocated a Dh11 billion ($3 billion) economic aid package for supporting sustainable socio-economic development in the country.
According to ADFD, the purpose of the funding is twofold. It had deposited an amount of Dh3.7 billion ($1 billion) in the National Bank of Ethiopia to bolster the country's fiscal and monetary policy, as well as to enhance the liquidity and foreign exchange reserves of its central bank.
The remaining Dh7.3 billion ($2 billion) seeks to stimulate the Ethiopian economy and encourage joint investments, it stated.
"The ADFD contributes to the UAE’s efforts to assist developing countries in achieving sustainable development and improving socio-economic conditions," stated ADFD Director General Mohammed Saif Al Suwaidi after signing the deal with Teklewold Atnafu, Governor of the National Bank of Ethiopia in Addis Ababa, the capital of Ethiopia.
The signing ceremony was held on the sidelines of the official visit of Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to Ethiopia.
“In addition to helping Ethiopia overcome the challenges it faces, the funding will encourage the UAE private sector to enter the Ethiopian market and benefit from the investment opportunities it offers,” he noted.
The funding will also boost the country’s gross national income (GNI) and revitalise key strategic sectors, he added.
Atnafu, lauding ADFD’s role in the UAE’s ongoing efforts to support Ethiopia’s national priorities, said the Ethiopian government welcomes joint investments with the UAE’s investors across diverse fields.
The Abu Dhabi fund’s contribution to the development of Ethiopia dates back to 2012. Since then, ADFD has disbursed Dh36.7 million ($10 million) worth of funds towards financing the Gedo Fincha-Limlem Peria Road project.
The operational 80 km road serves the Oromia Region in the west of the Ethiopian Highlands, facilitating the movement of vehicles and reducing transportation costs, it added.-TradeArabia Neews Service
