UAE, Maldives discuss trade and investment co-operation
The UAE and the Republic of the Maldives discussed bilateral relations and ways to enhance them through co-operation.
Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD), met on Thursday at the Fund’s headquarters in Abu Dhabi Aminath Shabeena, Ambassador of the Republic of the Maldives to the UAE.
The two sides discussed ways to enhance bilateral ties through cooperation between the Abu Dhabi Fund for Development and the Maldivian government on developmental investment.
In atendance were Khalifa Al Qubaisi, Deputy Director General of the Fund; Mohammed Faisal, Deputy Ambassador of the Maldives to the UAE; and other officials from both sides.
Underlining the already close relations, Al Suwaidi said that the Fund had financed many development and investment projects which helped the country to overcome pressing challenges and achieve socioeconomic prosperity.
He added that the visit reflected the keenness of both on joint coordination and economic cooperation and that the Fund looked forward to increasing its share of investment in the Maldives in all fields.
Abu Dhabi Fund for Development ventured into the Maldives in 1978 with the funding of development projects worth about Dhs750 million. They covered strategic sectors such as housing, transport and energy.
In 2018, the Fund subscribed to bonds issued by the Maldivian government worth Dhs370 million ($100 million) to support the country’s development strategy by enabling it to increase spending on development projects.
Shabeena reflected on the distinguished relations between the Maldives and the UAE, highlighting the role that ADFD played in supporting development and investment projects in her country.
Shabeena stressed the importance of enhancing investment cooperation with the Fund owing to the atractive and stable environment the Maldives offered for foreign investment.
Abu Dhabi Fund for Development ( ADFD) is a leading national entity for economic development aid owned by the Abu Dhabi government. Established in 1971, it aims to help emerging countries by providing concessionary loans to finance sustainable development projects as well as administering long-term investments and direct contributions.
In addition to managing development grants offered by the Abu Dhabi government, ADFD has adopted a policy of supporting the national economy and financing UAE private sector investments. Since its inception, ADFD has marked developmental milestones in 97 developing countries.
Spanning the last 49 years, the Fund’s development projects and investments, valued at Dhs102 billion, have helped the beneficiary countries to achieve sustainable economic growth.
Earlier the renewable-energy project in the Maldives, financed by Abu Dhabi Fund for Development, has received a certification from Global Innovation Institute, GINI, an international professional certification, accreditation and membership association in the field of innovation.
The first of its kind initiative, for which ADFD provided a concessional loan of Dhs22 million ($6 million) in 2015, aims to address the country’s waste-management and energy challenges through the construction of facilities that will use waste in an ecofriendly manner to generate about 4MW of energy.
The project will eventually cover three Islands of Vandhoo, Addu and Kulhudhuffushi.
Addressing a virtual meeting on the project recently, Mohammed Saif Al Suwaidi, Director-General of the Fund, said, “We are proud to have financed this project, which perfectly aligns with our moto to promote socioeconomic development all over the world through sustainable and ingenuous initiatives. As for this project, it is an example of how innovative ideas can be put to use to save the environment and benefit every individual and community.
“We financed the project considering that it has enormous potential to reduce environmental pollution and keep the economy of the Maldives competitive and supplies secure,” he added.
The provision of clean energy and integrated waste management would benefit 122,000 people, save 3.5 million litres of diesel annually, and reduce carbon-dioxide emission by 9,200 tonnes a year. In addition, it will help the nation to produce 551,000 litres of desalinated water each year through clean energy, not to mention incineration of 55,000 tonnes of waste that will reduce marine pollution.
“The initiative thus helps the Maldivian government to achieve SDG 7, which seeks to ensure everyone has access to affordable, reliable and modern energy services by 2030; as well as SDG 15, which aims to conserve the environment,” Al Suwaidi said.
Abu Dhabi Fund for Development has financed Dhs750m worth of development projects in the Maldives’ strategic sectors such as transport housing and energy