Thursday, August 17

UAE’s ADFD Funds 76 Morocco Projects Worth $2.5bn

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Construction week online
Fatima De La Cerna

The Abu Dhabi Fund for Development (ADFD) awarded Morocco $2.5bn (AED9bn) worth of grants and concessionary loans, it has been revealed.

The amount was used for the implementation of 76 development projects spanning a number of sectors, including housing, transport, education, and healthcare.

An ADFD report on Morocco noted that the projects have helped boost the country’s economic and social conditions.

Commenting on the organisation’s partnership with the North African nation, Mohammed Saif Al Suwaidi, director-general of ADFD, said: “At ADFD, we are truly proud of our cooperation with the Moroccan government.

“Together, we have supported many strategic and sustainable projects that have boosted economic growth and elevated living standards in Morocco.”

ADFD currently owns equity shares in several Morocco-based companies that are active in the telecommunications, holding, agriculture and livestock, tourism, and industry sectors, according to UAE state news agency, WAM.

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