ADFD to provide Dhs26 mln to fill Djibouti’s budget deficit

Abu Dhabi Fund for Development (ADFD) has signed a Memorandum of Understanding (MoU) with the Republic of Djibouti for supporting latter treasury deficit in the budget through providing a grant with a total value of approximately Dhs26 million. The MoU was signed by Mohammed Saif Al Suwaidi, Acting Director General of Abu Dhabi Fund for Development and Elias Mousa Doualeh, Minister of Economy and Finance and in charge of industry and planning for the Republic of Djibouti. Commenting on the event, Acting Director General of the Abu Dhabi Fund for Development said: “This MoU comes in implementing of the directives of the leadership of the UAE to support the socio-economic development in the Republic of Djibouti, which suffers from difficult economic conditions and to help them to overcome those circumstances.” He added: “Fund’s financial contribution is aimed at supporting Djibouti budget deficit, due to the drought in the African region, which led to higher energy prices, fuel and food, and thus resulted in worsening the economic situation and overloaded the state treasury with additional burdens.” On the other hand, the Minister of Economy and Finance of Djibouti praised the initiative of the Abu Dhabi Fund for Development to support and enhance the development process in Djibouti, and added that the Djiboutian government appreciates the efforts of Abu Dhabi Government in the field of humanitarian assistance in developing countries. “The grant will be used to meet the state treasury deficit in the budget and improve the difficult economic conditions,” he added. It is worth mentioning that previously Abu Dhabi Fund for Development has funded several developmental projects in different sectors in the Republic of Djibouti with a total value of approximately Dhs100 million. The Abu Dhabi Fund for Development (ADFD) is a sovereign national institution formed by Abu Dhabi government. ADFD was established in 1971, to help financing development projects in developing countries by providing concessionary loans and other forms of financial assistance. Since its inception, almost 40 years ago, ADFD has managed more than 310 operations amounting to about Dhs28 million and benefiting sustainable economic growth in 58 countries worldwide. From gulftoday