Director-General of ADFD hails UAE, Egyptian ties

ABU DHABI, 24th August, 2016 (WAM) – Mohammed Saif Al Suwaidi, Director-General of the Abu Dhabi Fund for Development (ADFD) has commended the historic relations between the UAE and Egypt, deeming them a role model for inter-Arab fraternal ties.

Al Suwaidi made the remark on offering of the landmark deposit of US$1 billion by ADFD to the Central Bank of Egypt for a period of 6 years.

“The deposit has been made under the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme commander of the UAE Armed Forces,” he added.

“It demonstrates the UAE’s commitment to supporting our long-term partners, ensuring their economic growth and stability, and is a landmark agreement which will make an immediate difference to the Egyptian economic system,” he said.

“The UAE and Egypt enjoy a strong partnership based on economic, social, demographic and cultural ties and the UAE is a proud supporter of enabling Egypt to realise its potential and address its current economic challenges,” Al Suwaidi added.

Tarek Hassan Amer, Governor of the Central Bank of Egypt, applauded the UAE’s ongoing efforts to support the Egyptian government and its economy. He also addressed the long-term friendship between the two countries and the UAE’s role in promoting economic growth and financing development projects that have ensured improved livelihoods, opportunities and quality of life for the people of Egypt.

“The UAE is one of the top countries with direct investments in Egypt, and several UAE-based companies are active in various economic sectors of Egypt. The country is among the top nations that provide unconditional support to the Egyptian economy,” he noted.

“I thank them wholeheartedly for this gesture of goodwill which gives essential life support to our economy,” Amer said.

Since it commenced operations in Egypt in 1974, ADFD has allocated AED3.6 billion towards 17 development projects in Egypt. These projects have supported key sectors including housing, transportation and agriculture, improving the standard of living for millions of its population, and supporting the various economic development programmes and schemes of the Egyptian government.