The Abu Dhabi Fund for Development signed a memorandum of cooperation with the International Finance Corporation (IFC) of the World Bank Group, during the activities of the World Government Summit. Sustainable economic projects in various countries of the world, within vital sectors, the most important of which are food security and climate change.
Under the agreement, the two sides intend to provide funds amounting to 5.5 billion dirhams (equivalent to 1.5 billion dollars) to finance qualitative development and investment projects. to the beneficiary countries.
The memorandum of cooperation was signed by Mohamed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development, and Mokhtar Dayoub, Director General of the International Finance Corporation, in the presence of Khalifa Abdullah Al Qubaisi, Deputy Director General of the Abu Dhabi Fund for Development, and Rashid Mohammed Al Kaabi, Director of Investments at the Fund, and a number of officials in both. sides.
Mohammed Saif Al Suwaidi said: “The strategic partnership with the International Finance Corporation contributes to opening up promising prospects for achieving the sustainable development goals of developing countries, and enhancing investment opportunities in sustainable strategic projects within vital sectors such as renewable energy and food security. The agreement also contributes to stimulating the national economy and enabling UAE companies to Expanding its business in foreign markets, and the partnership also supports the private sector and its diversified economic activities in developing countries.
Mokhtar Dayoub said: “Through the memorandum of cooperation with the Abu Dhabi Fund for Development, we will contribute to addressing the challenges of climate change, ensuring food security, and providing job opportunities in developing countries in effective partnership with the private sector. Uniting our efforts with the Fund will enable us to participate in financing projects.” private sector-led projects that address the most pressing development challenges of our time.
Under the partnership, the Abu Dhabi Fund for Development and the International Finance Corporation will work to enhance cooperation and exchange of experiences in various common fields, especially supporting small and medium enterprises to promote economic development by encouraging the growth of private business enterprises in developing countries.
