Abu Dhabi development fund may build $300m projects in Uzbekistan

Three agreements were inked between Abu Dhabi Fund for Development and Uzbek government to strengthen bilateral ties

ADFD and Uzbekistan will form an investment company to drive investments into the country.
ADFD and Uzbekistan will form an investment company to drive investments into the country.

Abu Dhabi Fund for Development (ADFD) has signed a memorandum of understanding (MoU) with the Government of Uzbekistan to evaluate the scope to fund infrastructure projects worth $299.5mm (AED1.1bn) in Samarkand, a city located on the Silk Road between China and the Mediterranean.

As part of the MoU, ADFD will also explore a $5m (AED18.4m) concessionary loan agreement to study the feasibility of the Samarkand construction projects.

An agreement has been signed between Uzbekistan and ADFD to form a company that will drive investments into the Central Asian country.

Commenting on the agreement, HE Mohammed Saif Al Suwaidi, director general of ADFD, said: “As a proud strategic partner of Uzbekistan, ADFD is committed to driving sustainable economic development in the country, and achieving the outlined priorities of the Uzbek government.”

The joint ADFD-Uzbek company will invest in various economic and development fields, including tourism, industry, and services, according to Elior Ganiev, the Uzbek Deputy Prime Minister.

ADFD has financed development projects worth $22.9bn (AED84bn) in 88 countries around the world since its inception in 1971. In April 2018, the organisation extended a $30m (AED110m) concessionary loan to Mali, which wants to build 50,000 housing units to meet rising demand for housing. 

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