Abu Dhabi Fund for Development offers funds to help drive financial stability in the Central African country
Abu Dhabi Fund for Development (ADFD), the national entity for development aid, has allocated a grant worth $50 million to support the Chad government in achieving its development goals.
The funding will contribute to driving financial stability in the Central African country and fuel the growth of key sectors, ADFD said in a statement.
The funding includes the financing of technical and economic studies for the development of water resources for various uses, livestock and agricultural developments, as well as supporting development projects outlined within the general budget of Chad, it added.
Mohammed Saif Al Suwaidi, director general of ADFD, Ahmed Alkhoudar Ali Fadel, Chadian State Secretary for Finance and Budget, and Zakaria Idriss Deby, Chadian Ambassador to the UAE, signed a memorandum of understanding outlining the terms of the funding.
Al Suwaidi said: “The UAE and Chad have enjoyed strategic bilateral ties, strengthened by constructive cooperation and participation in crucial strategic relations. ADFD is proud to play an instrumental role in contributing to these efforts.”
He added: “The $50 million will facilitate the Chadian government in achieving its national development plan. The new funding commitment reinforces our keenness in helping the Government of Chad in elevating the standards of living of its people, especially through supporting the development of water resources for various uses including agriculture and rearing livestock.”
Since its inception in 1971, ADFD has financed development projects in more than 88 countries, including 40 African nations, to the tune of AED83 billion through concessionary loans and Abu Dhabi government grants.
The Fund’s total expenditure in Africa amounts to an estimated AED20 billion.