Abu Dhabi Fund for Development (ADFD) has offered a Dh183.6 million ($49.9 million) concessionary loan to the Government of Montenegro to support agricultural development sector.

Aimed at accelerating economic development in Montenegro through supporting food security and boosting agricultural and livestock exports, the agreement seeks to enhance the competitiveness of Montenegro's products to international levels, said a statement.

Towards this priority, it supports mechanisms that elevate the quality and safety standards of agricultural and livestock production in the country, while opening up new markets for the country's exports.

Mohammed Saif Al Suwaidi, Director General of ADFD, said: "As a catalyst for inclusive development and food security, the UAE, through the Abu Dhabi Fund for Development, pursues an active policy in supporting agricultural investment across the developing world.

“To achieve this goal, ADFD is committed to ensuring necessary funding for development projects, especially in strategically important sectors that can significantly benefit the economies of developing countries."

"Increased production and investment in agriculture will serve as an effective tool to achieving sustainable economic and social development across developing countries. In supporting such vital projects, we hope to create hundreds of job opportunities in the beneficiary countries, while contributing to the diversification of their economies and helping them achieve self-sufficiency in food and agricultural production."

Prof Dr Petar Ivanović, the Minister of Agriculture and Rural Development of Montenegro, said: "ADFD's active involvement in financing agricultural projects in Montenegro will have a significant economic impact in the development of agricultural sector across the country.

"The project funded by the ADFD comprises two phases. Phase one includes the provision of loans to farmers and companies operating in agricultural and livestock production as well as assisting and guiding them towards effective management and implementation of their projects.

“Meanwhile, phase two involves the procurement of services relevant to machinery, factories, warehouses, and agricultural land, as well as the refurbishment and construction of new factories and agricultural assets." - TradeArabia News Service