Abu Dhabi Fund for Development discusses cooperation with the Maldives
The Abu Dhabi Fund for Development (ADFD) and the Embassy of the Republic of the Maldives to the country discussed bilateral relations and ways to develop them, especially regarding enhancing development and investment cooperation between the fund and the Maldives government and looking into joint investment opportunities and the possibility of their development.
This came during a meeting with His Excellency Mohammed Saif Al Suwaidi, Director-General of the Abu Dhabi Fund for Development, today at the headquarters of the Fund, Her Excellency Aminath Shabeena, Ambassador of the Republic of the Maldives to the State, in the presence of His Excellency Khalifa Al Qubaisi, Deputy Director-General of the Fund, and Dr. Muhammad Faisal, Deputy Ambassador, and several officials from both sides.
Abu Dhabi Fund for Development supports projects
His Excellency Mohammed Saif Al Suwaidi said that the Abu Dhabi Fund for Development has close relations with the Maldives government, as the fund has contributed to financing many developments and investment projects have had an important role in achieving economic and social development in the Maldives and enabling them to overcome development challenges.
His Excellency added that the visit of His Excellency the Ambassador comes within the framework of keenness on joint coordination and discussing aspects of cooperation between the two sides, especially in economic cooperation, as the Fund looks forward to enhancing the investment opportunities that the Maldives abounds in all fields.
Her Excellency Aminath Shabeena praised the level of the distinguished relations between the Republic of the Maldives and the United Arab Emirates and the great role that the Fund plays in supporting development and investment projects in the Maldives, stressing the importance of increasing investment cooperation with the Fund because of the attractive and stable environment the Maldives provides for foreign investment.
Abu Dhabi Fund for Development activities in the Maldives
The Fund activities in the Maldives began in 1978, when the fund financed development projects with a total value of about 750 million dirhams, covering several strategic sectors, such as housing, transportation, and energy projects.
In 2018, the fund subscribed for bonds issued by the Maldives government worth 370 million dirhams, equivalent to “100 million dollars” to enhance the government’s strategy and its ability to find the financing considering its direction to expand spending on development projects.