Abu Dhabi grants MVR 77M for development projects in Maldives

Abu Dhabi Fund for Development (ADFD) has extended a grant of 18.4 million Dirham (MVR 77 million) to assist development projects in Maldives.

ADFD is an autonomous national entity affiliated with Abu Dhabi government, dedicated to helping developing countries achieve sustainable socio-economic growth.

ADFD issued a statement last Monday, in which it said 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.

ADFD and the Maldivian government signed a Memorandum of Understanding outlining the terms of the collaboration, at ADFD’s headquarters in Abu Dhabi last Monday.

The MoU was signed by Director General of ADFD, Mohammed Saif Al Suwaidi and Maldivian Ambassador to the United Arab Emirates, Dr. Hussain Niyaz.

“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,” said Al Suwaidi during the signing.

Al Suwaidi also said that ADFD was proud of its 40-year association with Maldives, and said the Fund was determined to continue the collaboration by financing infrastructure projects and economic reform programs that will elevate the living standards of the people of Maldives and stimulate economic growth.

Meanwhile, Dr. Niyaf expressed thanks for UAE’s role in assisting developing countries. He said that with the help of ADFD’s financial assistance, Maldives was well on its track to achieving its sustainable development goals.