Abu Dhabi Fund for Development (ADFD) has said it has dispatched a delegation to Morocco to study and assess new development projects proposed by the government.
The visit took place within the framework of the 2013 UAE government grant contribution of AED4.6 billion ($1.25 billion) to the Gulf Development Fund, a program to finance development projects in Morocco over a five-year period.
The delegation met with representatives from Morocco’s Ministry of Finance, Ministry of Higher Education, Scientific Research and Training, Ministry of Agriculture and Fisheries, and the Société Nationale des Autoroutes du Maroc, Morocco’s national roads authority.
The Moroccan officials offered the delegation an overview of the objective of the Moroccan government to foster sustainable development in key sectors, including transport, health, education, energy and water.
Mohammed Saif Al Suwaidi, director general of ADFD, said: “The proposed initiatives of the Moroccan government will contribute to driving socio-economic growth across all key sectors and create new job opportunities.
"This latest round of talks highlights ADFD’s commitment to facilitating the UAE government’s grants to meet Morocco’s development goals.”
Since 1974, ADFD has managed the UAE government’s grants totalling AED5.5 billion in value across 55 projects in Morocco. The fund has provided the country with approximately AED3.5 billion in concessionary loans to finance 17 projects across the transport, housing, water, healthcare and education sectors.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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