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UAE's ADFD funds 76 Morocco projects worth $2.5bn

Abu Dhabi Fund for Development awarded $2.5bn in grants and concessionary loans to Morocco for 76 projects in sectors such as housing, education, and healthcare

The projects in Morocco span a number of sectors, including housing and healthcare [representational image].
The projects in Morocco span a number of sectors, including housing and healthcare [representational image].

The Abu Dhabi Fund for Development (ADFD) awarded Morocco $2.5bn (AED9bn) worth of grants and concessionary loans, it has been revealed.

The amount was used for the implementation of 76 development projects spanning a number of sectors, including housing, transport, education, and healthcare.

An ADFD report on Morocco noted that the projects have helped boost the country’s economic and social conditions.

Commenting on the organisation’s partnership with the North African nation, Mohammed Saif Al Suwaidi, director-general of ADFD, said: "At ADFD, we are truly proud of our cooperation with the Moroccan government.

"Together, we have supported many strategic and sustainable projects that have boosted economic growth and elevated living standards in Morocco."

ADFD currently owns equity shares in several Morocco-based companies that are active in the telecommunications, holding, agriculture and livestock, tourism, and industry sectors, according to UAE state news agency, WAM.

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Construction Week - Issue 747
Aug 03, 2019