ADFD Playing An Active Role In Moroccan Development

Abu Dhabi Fund for Development (ADFD) has played an active role in supporting sustainable development in the Kingdom of Morocco since 1974.

Over the past 40 years, the Fund has implemented several successful development projects in Morocco, accelerating economic development throughout the country. Related to key economic sectors, the projects have helped Morocco achieve social and economic development in areas such as infrastructure, social services, healthcare, housing and education.

Additionally, the UAE in 2013 offered Morocco an AED 4.6 billion grant ($1.25 billion) as part of the $5 billion GCC grant program to support the Moroccan economy. Articulating the UAE’s ongoing commitment to promoting sustainable development in Morocco, the grant was allocated to fund vital projects that have the potential to raise the Kingdom’s social and economic conditions.

The latest allocation takes the total value of loans and grants managed by ADFD in Morocco on behalf of the UAE government since 1974 to AED 7.3 billion, earmarked to finance 65 development projects.

Stressing the importance of cooperation between the UAE and the Kingdom of Morocco, His Excellency Mohammed Bou Saeed, Moroccan Minister of Economy and Finance, said: “The UAE is one of the major contributors to the economic development of Morocco and has initiated various development projects through the Abu Dhabi Fund for Development across the Kingdom. These projects have significant social and economic implications for the Moroccan economy especially in advancing the country’s infrastructure, ports and railway stations, as well as in providing electricity, drinking water and housing services for thousands of our people.”

The Minister also commended ADFD’s proactive and historic role in financing several major projects in Morocco such as the Tangier Port and the high-speed railway project.

His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, said: “The development assistance provided by the UAE to the Kingdom of Morocco through ADFD is a reflection of the close ties and long-standing cordial relations between the two countries. The diverse portfolio of projects undertaken by ADFD in Morocco articulates our pledge to support brotherly and friendly countries in successfully overcoming their most pressing economic and development challenges. As part of our ongoing commitment to promoting sustainable economic and social development in Morocco, we support key economic sectors that strengthen the Moroccan national economy and ease the economic burden of its people.”

His Excellency Al Asri Saeed Al Dhaheri, the UAE Ambassador to the Kingdom of Morocco, said: “Under the directives of the UAE President His Highness Sheikh Khalifa Bin Zayed Al Nahyan, and His Highness General Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and with the active follow up by His Highness Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister of the UAE, Minister of Presidential Affairs and Chairman of ADFD, the Fund plays an active role in supporting sustainable and inclusive development in the Kingdom of Morocco, reflecting the distinguished relations that bind the UAE and the Kingdom of Morocco.”

The contribution of ADFD to the long-term development of Morocco, coupled with the successful completion of the many projects funded by ADFD in the Kingdom, underline the importance of efforts being made by the Fund on behalf of the UAE government. These projects are indicative of strong bilateral cooperation between both brotherly nations at various levels, contributing to robust economic development and creating thousands of new job opportunities in the Kingdom.

originally published on www.cpifinancial.net