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11 December 2023

Abu Dhabi fund extends Dh183.5m grant to Djibouti

By Staff

Abu Dhabi Fund for Development (ADFD) announced a grant of Dh183.5 million ($50 million) for the support of development projects in the Republic of Djibouti.

To be managed by ADFD, the grant will be allocated in installments of Dh36.7 million ($10 million) over a five year period.

A memorandum of understanding (MoU) was inked in the presence of Mohammed Saif Al Suwaidi, Director General of ADFD, and Osman Moussa Darar, Ambassador of the Republic of Djibouti to the UAE.

Mohammed Saif Al Suwaidi, Director General, ADFD, said: “The UAE and the Republic of Djibouti enjoy strong and outstanding bilateral relationship at all levels. At ADFD, we are committed to boosting this synergy through supporting development projects in sectors that constitute important priorities for the government of the Republic of Djibouti, especially in the infrastructure sector.

“ADFD seeks to leverage development aid as an effective tool to address various economic and social challenges in emerging economies through working closely with regional and international agencies.”

Osman Moussa Darar, Ambassador of the Republic of Djibouti to the UAE, said the UAE’s development initiatives as well as ADFD’s leading role in accelerating social and economic development in the Republic of Djibouti across key economic sectors.

In 2012, ADFD had signed a memorandum of understanding (MoU) with Djibouti for supporting the state treasury through extending a grant of over Dh26 million.