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Abu Dhabi Fund finances $1.1bn worth of projects in Egypt

Abu Dhabi Fund for Development (ADFD) has awarded a total of $1.1bn (AED4bn) worth of grants and concessionary loans to Egypt

ADFD is funding 64 development projects in Egypt [image: WAM].
ADFD is funding 64 development projects in Egypt [image: WAM].

Abu Dhabi Fund for Development (ADFD) has awarded a total of $1.1bn (AED4bn) worth of grants and concessionary loans to Egypt.

The grants and loans are intended to cover 64 development projects, UAE state news agency, WAM, reported.

These projects reportedly span a wide range of sectors, including transport, housing, agriculture and irrigation, energy, industry and mining, education, and healthcare.

Mohammed Saif Al Suwaidi, director general of ADFD, commented: “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.”

Al Suwaidi stressed ADFD’s commitment to supporting the Egyptian government’s endeavours by funding projects that support infrastructure development, which he described as a prerequisite for socio-economic growth and prosperity.

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Construction Week - Issue 753
Nov 09, 2019