Abu Dhabi-The Abu Dhabi Fund for Development (ADFD) announced it has made a deposit of $1 billion at Egypt’s Central Bank for a period of six years to finance development projects and back the country’s economic growth. This support comes within the framework of strategic cooperation and coordination between the two countries.

The deal was signed by Mohammed Saif al-Suwaidi, Director-General of the ADFD, and Tarek Amer, the Governor of the Central Bank of Egypt.

The fund issued a statement saying that the deposit comes as part of the UAE’s “unwavering position in supporting Egypt and its people” and in recognition of Egypt’s “pivotal role in the region.”

The statement added that the deposit is to support the economic challenge in Egypt and is crucial in enabling future economic growth in the country in the coming years.

Suwaidi said the deposit will be used in development projects in the primary sectors.

He added that the deposit “demonstrates the UAE’s commitment to support 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.”

Amer praised the role that UAE and its president play in helping the government to overcome the economic crisis and fund projects. He added that the deposit came “at the right time.”

He added: “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.”

Amer stressed the important role the fund plays in funding projects of the primary sectors like housing and agriculture.

Since 1974, ADFD funded around 17 development projects in Egypt of a total amount of $17 billion which was reflected directly and effectively on economic and social development.

Abu Dhabi Fund for Development (ADFD) is an independent national entity affiliated with the Abu Dhabi Government established in 1971. ADFD aims to support developing countries in achieving sustainable socio-economic development. In addition, ADFD seeks to help developing countries achieve sustainable economic growth and reduce poverty by providing financial resources, forging partnerships in the public and private sectors, and adopting international best practices to ensure aid effectiveness.