Abu Dhabi – MENA Herald: Abu Dhabi Fund for Development (ADFD), the UAE’s international development arm, announced that it has made a landmark deposit of US$1 billion in the Central Bank of Egypt for a period of 6 years. This is to support the economic challenge in Egypt and is crucial in enabling future economic growth in the country in coming years.
The historic agreement was signed between His Excellency Mohammed Saif Al Suwadi, Director General of ADFD, and His Excellency Tarek Hassan Amer, Governor of the Central Bank of Egypt.
Al Suwaidi commented, “The deposit has been made under the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme commander of the UAE Armed Forces.’
‘It demonstrates the UAE commitment to support our long-term partners, ensuring their economic growth and stability and is a landmark agreement which will make an immediate difference to the Egyptian economic system.’
He added: “The UAE and Egypt enjoys a strong partnership based on economic, social, demographic and cultural ties and the UAE is a proud supporter of enabling Egypt to realise its potential and address its current economic challenges.’
The new funding will support key Egyptian government initiatives to support economic growth and shore up its economy in the short-term, especially through supporting Egypt’s foreign exchange reserves and contributing to the stability of the Egyptian Pound.
Such flexible support is at the heart of ADFD’s international development philosophy given its role in building strong socio-economic foundations. The funds may be used to support key development projects, especially in infrastructure.
For his part, His Excellency Tarek Hassan Amer applauded the UAE’s ongoing efforts to support the Egyptian government and its economy. He also addressed the long-term friendship between the two countries and the UAE’s role in promoting economic growth and financing development projects that have ensured improved livelihoods, opportunities and quality of life for the people of Egypt.
He added: “The UAE is one of the top countries with direct investments in Egypt, and several UAE-based companies are active in various economic sectors of Egypt. The country is among the top nations that provide unconditional support to the Egyptian economy”
‘I thank them wholeheartedly for this gesture of goodwill which gives us essential life support to our economy.’
Since it commenced operations in Egypt in 1974, ADFD has allocated AED3.6 billion towards 17 development projects in Egypt. These projects have supported key sectors including housing, transportation and agriculture, improving the standard of living for millions of its population, and supporting Egyptian Government’s various economic development programmes and schemes.