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UAE allocates $20 million to Arab Gulf programme for development

reporters@khaleejtimes.com Filed on January 19, 2020 | Last updated on January 19, 2020 at 02.26 pm
uae, 20 million, arab gulf, development, agfund

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To date, the UAE's total contributions to AGFUND have totalled $37 million (Dh136 million).

The Abu Dhabi Fund for Development (ADFD) today signed an agreement allocating the UAE's capital contribution of $20 million (Dh73 million) to the Arab Gulf Programme for Development (AGFUND).

As one of the founding countries of AGFUND, the UAE has supported the programme's objectives, goals and activities since 1982. To date, the UAE's total contributions to AGFUND have totalled $37 million (Dh136 million).

Mohammed Saif Al Suwaidi, Director General of ADFD, and Youssef Al Bassam, Vice Chairman of AGFUND, signed the agreement outlining the terms of the contribution at ADFD's headquarters in Abu Dhabi. Also present on the occasion were Khalifa Al Qubaisi, Deputy Director General of ADFD, Nasser Alkahtani, Executive Director of AGFUND, and several high-ranking officials from the two entities.

Mohammed Saif Al Suwaidi said: "In line with its mission to stimulate sustainable economic growth worldwide, ADFD is proud to represent the UAE and expand its strategic development efforts through partnering with AGFUND. We are confident that our collaboration will result in a wealth of benefits in key socio-economic sectors."

For his part, Youssef Al Bassam thanked the UAE for its contribution and praised ADFD's impressive 48-year track record in supporting sustainable projects and programmes across the world. He also highlighted AGFUND's sustainable development and poverty alleviation endeavours among vulnerable segments of society.

Established in 1980, AGFUND is a regional organisation that aims to tackle human development challenges across all segments of society. Its programmes focus on financial inclusion, education, early childhood development, women's empowerment, and development of civil society.

Since its inception in 1971, ADFD has funded development projects in 94 countries to the tune of Dh92 billion through concessionary loans, government grants, and investments. Spanning all key sectors, the Fund's projects support socio-economic growth in developing countries and drive the implementation of the SDGs.

Staff Reporter


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