The Abu Dhabi Fund for Development (ADFD) has inked a deal with the government of Maldives to provide $50m financing for infrastructure development projects. The deal aims to strengthen the efforts of the Maldivian government to promote the socio-economic development of the island nation.

According to a statement, the funding will support the implementation of several development projects across vital economic sectors to deliver a significant positive impact on the country’s economy.

“This agreement articulates ADFD’s commitment to supporting the development programs of the Maldivian government to drive economic growth and achieve sustainable development in the country,” explained Mohammed Saif Al Suwaidi, the director general of the ADFD, after signing the deal with Abdulla Shahid, Minister of Foreign Affairs of the Republic of Maldives, in the presence of several senior officials.

Al Suwaidi added, “At ADFD, we take a keen interest in supporting infrastructure projects given its importance and far-reaching developmental impact on various sectors. In addition to catalysing economic growth and boosting sustainable development, such projects help create an enabling environment for foreign investments, and stimulate growth in trade, transport and tourism. Furthermore, they create thousands of job opportunities for local communities and provide them with improved livelihoods.”

Praising the UAE’s ongoing financial support, Shahid remarked, “Such projects help the Maldivian government to pursue its development agenda and fulfil its vision to ensure economic and social prosperity for the people of the Maldives. We aim to enhance collaboration with ADFD for boosting economic support and investment in sectors key to sustainable development and inclusive growth.”