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Abu Dhabi, UAESunday 24 June 2018

Abu Dhabi Fund for Development injects Dh4bn into Egyptian development projects

The funded projects span across transport, housing, agriculture, energy, industry, education and healthcare.

The Abu Dhabi Fund for Development has provided Dh4bn in grants and concessionary loans to Egypt to be put towards 64 development projects across the country.

The funded projects span across transport, housing, agriculture, energy, industry, education and healthcare.

ADFD and the Government of Egypt often cooperate on projects to promote sustainable development to benefit the Egyptian people, reported state news agency Wam.

ADFD also owns an 84 per cent stake in Abu Dhabi Tourist Investment Company, a Cairo-based hotel and tourism holding firm, Mohammed Al Suwaidi, Director General of ADFD, said on Sunday.

Mr Al Suwaidi made the announcement to mark Egypt’s July 23 Revolution Day, when he complimented the government and people of Egypt on making significant progress in fulfilling the nation’s development goals.

He said such efforts would significantly contribute to improving the everyday lives of its citizens and accelerate Egypt’s economic growth.

Mr Al Suwaidi said ADFD is keen to bolster the Egyptian government’s endeavours through financing projects that support infrastructure development, which he said is a prerequisite for socio-economic growth and prosperity.

"ADFD’s work in Egypt over the past four decades is a testimony to the fund’s crucial role in boosting economic and social development across developing countries.

The fund’s projects align with the expansive vision and goals of the Egyptian government," he said.

In April last year, the UAE allocated Dh14.7bn to Egypt during an official visit to Cairo by Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.

Half of the sum was an investment and the other half was deposited in a central bank to support cash reserves.

The money was aimed at promoting development in Egypt, which has a “pivotal role” in the region, Wam quoted Sheikh Mohammed as saying.