Abu Dhabi Fund, Uzbekistan Ink Deal To Set Up Investment Firm

Abu Dhabi Fund for Development (ADFD), the national entity for international development aid, has signed three agreements with the Government of Uzbekistan.

These include a memorandum of understanding (MoU) to assess the possibility of financing infrastructure projects in Samarkand worth $300 million and a $5 million concessionary loan agreement for feasibility studies for the Samarkand infrastructure projects.

An agreement to establish an investment company between ADFD and Uzbekistan to draw investments into Uzbekistan has also been signed.

Mohammed Saif Al Suwaidi, director general of ADFD, signed all the three agreements on behalf of the fund.

Al Suwaidi said: “Today’s joint agreements further solidify and strengthen the close bilateral ties between the UAE and Uzbekistan. As a proud strategic partner of Uzbekistan, ADFD is committed to driving sustainable economic development in the country, and achieving the outlined priorities of the Uzbek government.”

He noted that the $5 million concessionary loan will go towards preparing plans and consultancy studies needed to implement the Uzbek government’s initiatives and projects worth $300 million that aim to modernise the infrastructure of the city of Samarkand and accelerate socio-economic development.

He added: “The fund's strategy is to continue playing an active role in stimulating economic growth in developing countries, while broadening our scope in funding development projects across the world.”

Elior Ganiev, Uzbek Deputy Prime Minister, commended the UAE and ADFD’s role in backing various sustainable programmes across the world.

He said that the joint ADFD-Uzbek company aims to invest in several economic and development fields, especially in the sectors of tourism, industry and services.

Since its inception in 1971, ADFD said it has financed development projects to the tune of AED84 billion in 88 countries around the world through concessionary loans and Abu Dhabi government grants.