Abu Dhabi (WAM)
The Abu Dhabi Fund for Development signed a memorandum of cooperation with the International Finance Corporation of the World Bank Group, during the activities of the World Government Summit, with the aim of strengthening strategic cooperation between the two sides in several areas, including providing joint financing to support national private sector companies and enable them to implement sustainable economic projects in various countries of the world. , within vital sectors, the most important of which are food security and climate change.
According to the memorandum, the two sides intend to provide funds amounting to 5.5 billion dirhams, equivalent to “1.5 billion US dollars” to finance qualitative development and investment projects. risks and impact on beneficiary countries.
The memorandum was signed by Mohammed 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 from both sides.
On this occasion, 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. It also contributes to stimulating the national economy and empowering companies.” The UAE is able to expand its business in foreign markets, and the partnership supports the private sector and its activities in developing countries.
For his part, Mokhtar Diop, Managing Director of the International Finance Corporation, said: “Through the memorandum of understanding 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.”
Under the partnership, the Abu Dhabi Fund for Development and the International Finance Corporation will work to enhance cooperation and exchange experiences in various common fields.
