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The Abu Dhabi Fund for Development (ADFD), the national entity for development aid, allocated Dh11 billion ($3 billion) worth of economic aid package to the Ethiopian government to support sustainable socio-economic development.
The ADFD deposited Dh3.7 billion in the National Bank of Ethiopia to bolster the country's fiscal and monetary policy, as well as to enhance the liquidity and foreign exchange reserves of its central bank. The remaining Dh7.3 billion seeks to stimulate the Ethiopian economy and encourage joint investments.
Mohammed Saif Al Suwaidi, director-general of ADFD, and Teklewold Atnafu, governor of the National Bank of Ethiopia, signed a memorandum of understanding (MoU) outlining the terms of the funding in Addis Ababa, the capital of Ethiopia.
The signing ceremony was held on the sidelines of His Highness Sheikh Mohammed bin Zayed Al Nahyan's, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, official visit to Ethiopia.
Al Suwaidi said: "The ADFD contributes to the UAE's efforts to assist developing countries in achieving sustainable development and improving socio-economic conditions. In addition to helping Ethiopia overcome the challenges it faces, the funding will encourage the UAE private sector to enter the Ethiopian market and benefit from the investment opportunities it offers. The funding will boost the country's gross national income and revitalise key strategic sectors."
Atnafu praised the ADFD's role in the UAE's ongoing efforts to support Ethiopia's national priorities. He added that the Ethiopian government welcomes joint investments with the UAE's investors across diverse fields.
The ADFD's contribution to the development of Ethiopia dates back to 2012. Since then, the fund has disbursed Dh36.7 million ($10 million) towards financing the Gedo Fincha-Limlem Peria Road project.
- business@khaleejtimes.com
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