January 22, 2019 (MLN): Abu Dhabi Fund for Development, ADFD, has formalized an US$3 billion (AED11 billion) deposit into the State Bank of Pakistan to support Pakistan’s economic growth and achieve the long-term objectives of its monetary policy.
Announced in December 2018, the decision to formalize the deposit was made under the directives of the 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.
Mohammed Saif Al Suwaidi, Director General of ADFD, and Tariq Bajwa, Governor of the State Bank of Pakistan, signed the agreement at the ADFD headquarters in Abu Dhabi. Moazzam Ahmad Khan, Ambassador of Pakistan to the UAE, Khalifa Al Qubaisi, Deputy Director General of ADFD, and other senior representatives of the two parties attended the signing ceremony.
Speaking on the occasion, Mohammed Saif Al Suwaidi said, “The directive to deposit US$3 billion with the State Bank of Pakistan aligns with the UAE leadership’s keenness to bolster Pakistan’s economy, help its government achieve financial stability and overcome economic challenges, and drive comprehensive development in the country.”
To date, ADFD has provided AED1.5 billion to fund sustainable development projects in Pakistan spanning diverse sectors, including transport, water and agriculture, healthcare, and education.
The following is a brief overview of notable projects in strategic sectors funded by ADFD in Pakistan:
In line with its strategy to focus on infrastructure projects that support socio-economic growth, ADFD has invested considerable capital into projects in Pakistan’s transport sector. In 2013, ADFD funded the AED227 million grant for the construction of the UAE-Pakistani Friendship Road. Linking the southern and northern parts of the Waziristan region, the 72 km road facilitates the movement of people and goods between three major cities and 20 villages.
Copyright Mettis Link News