The Abu Dhabi Fund for Development (ADFD) and "Muntada Asilah" Foundation in Morocco signed two agreements to fund two projects in Morocco costing around Dh31 million.
The agreements were signed by Mohammed Seif Al Suweidi, Deputy Director-General of ADFD and Mohammed bin Issa, Secretary-General of "Muntada Asilah" Foundation. Moroccan ambassador to the UAE and senior officials were present on the occasion. (Wam)
According to the agreements, ADFD will fund the second phase of construction work of residential units and "Asilah Museum" at Asilah city in Morocco.
Al Suweidi said that the second phase of the residential units in the city of Asilah aims to provide adequate housing for residents, where the fund will help financing the project with AED 18.3 million, mentioning that ADFD financed the project's first phase in 2001.
He added that "Asilah Museum" project aims to support tourism in Morocco, especially Asilah region through building a cultural center that includes valuable Art works, whereas ADFD will provide a financial support of around AED 12.8 million.
It should be mentioned that ADFD and Abu Dhabi government have financed around 29 development projects in previous years with a total value of around AED 2 billion.
Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.
Follow Emirates 24|7 on Google News.