Abdullah Bin Zayed chairs ADFD’s Executive Committee meeting

WAM ABU DHABI: H.H. Sheikh Abdullah bin Zayed Al Nahyan, Foreign Minister, Deputy Chairman of the Board of Abu Dhabi Fund for Development (ADFD) and Chairman of the Executive Committee of Abu Dhabi Fund for Development, today chaired the first meeting of the Executive Committee for 2012 which held at the ADFD headquarter in Abu Dhabi.

The meeting was attended by the Executive Committee members, including Khalifa Mohammed Khalifa Al-Kindi, Fares Mohammed Al Mazrouei, Mohammed Saif Al- Suwaidi, Acting Director General of the Fund and Adel Abdullah Al-Hosani, Director of Operation Department.

The committee discussed a number of topics on its agenda and reviewed a number of requests for funds for development projects in developing countries. It also made appropriate decisions consistent with the plan and budget of the ADFD.

The body also approved the Fund’s 2013 estimated budget 2013.

During the meeting H.H Sheikh Abdullah stressed on the implementation of the directives by President His Highness Sheikh Khalifa bin Zayed Al Nahyan and His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, and on continuing to provide assistance to developing countries to help them achieve sustainable economic development and improve standards of living.

Al Suwaidi said: “ADFD plays a vital role in promoting the developing countries’ economies through the implementation of development projects which financed by UAE government and ADFD loans and grants. And we make sure that these projects are serving crucial sectors, which will enable the beneficiaries to have strong economy and reduce poverty rate. Also, we stressed in ADFD in creating economic partnerships with these countries that would be beneficial to all parties.” “Since its inception and up to date ADFD provides loans and manages loans and grants provided by UAE government estimated at more than AED 28 billion and distributed to cover 325 projects in 59 developing countries all over the world,” Al Suwaidi added WAM/MMYS