Abu Dhabi – MENA Herald: Abu Dhabi Fund for Development (ADFD) has financed seven development projects in Bangladesh with a total project outlay of nearly half a billion dirhams over the past four decades, with the majority of these projects serving strategically important sectors including industry, energy and infrastructure, the Fund announced today.
Energy and irrigation projects account for about 65% of the total development assistance provided by ADFD to Bangladesh, supporting the government’s efforts to boost the industrial sector in line with the economic diversification strategy, which has seen the country grow by over 6% in each of the last ten years alone, pursued by the South Asian developing nation.
His Excellency Mohammed Saif Al Suwaidi, Director General, Abu Dhabi Fund for Development (ADFD), said: “ADFD’s development engagement with Bangladesh dates back to 1976 and we enjoy close ties with Bangladesh, with both of our countries having been founded in the same year. Since then, Bangladesh has remained one of the top beneficiaries of our concessionary loans and grant programs, playing a vital role in promoting the economic and social development of the country and it has been powerful to see their government’s strong economic diversification leadership bear fruit in this time.”
He added: “The projects implemented by ADFD in Bangladesh articulate the Fund’s vision to support development projects that translate into huge social and economic impact on developing countries which is why we have focused so much on infrastructure which is the key to long-term growth and prosperity. Over the past four decades, ADFD has developed a strategic partnership with Bangladesh, supporting the country in achieving its sustainable and economic development objectives and we look forward to many more years of close cooperation in the future’