ADFD finances development projects worth Dhs6.5 billion in Jordan

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The photo has been used for illustrative purpose.

Strategic relations between Abu Dhabi Fund for Development (ADFD) and the government of Jordan date to 1974, when ADFD financed the first project in the country.

Thereafter, the Fund financed hundreds of development projects in vital sectors, whose total value stands at about Dhs6.5 billion. These projects collectively raised the standard of living in Jordan and helped the government to fulfil its sustainable-development objectives.

As Jordan celebrates its 76th Independence Day on May 25, ADFD participates in the observance of Jordan’s phenomenal economic achievements. Its GDP has risen by 6.5 per cent, with investment contributing about 13 per cent to it. The GCC grant to Jordan in 2013 amounted to $5 billion, of which the UAE’s contribution was $1.25 billion.

Abu Dhabi Fund for Development managed the UAE’s grant to Jordan by directly overseeing the strategic projects that had a significant impact on the country’s economy. The UAE has also helped raise foreign exchange reserves by depositing the entire grant with the Central Bank of Jordan, thus improving the efficiency of the country’s financial system.

Mohamed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development, said: “The relations between the UAE and Jordan exemplifies an ideal bilateral partnership, which benefited both countries. By financing many development projects, the UAE and ADFD remained a genuine supporter of advancement of Jordan’s economy and society. The benefits of the projects funded by ADFD in Jordan are reflected in the phenomenal improvement and diversification of infrastructure including education, transport, energy, housing and agriculture. All this resulted in the improvement of the quality of life in the country.”

He added that ADFD looks forward to consistent socioeconomic cooperation with Jordan to enable it to overcome any challenges in the way of accomplishing its developmental goals.

Trade between the UAE and Jordan has steadily risen over the past 10 years from Dhs1.9 billion in 2010 to Dhs6.9 billion in 2017, before registering a quantum leap in 2018 to Dhs9.4 billion. In 2019, the trade volume stood at an all-time high of Dhs10.4 billion.

The UAE’s direct investment in Jordan amounts to about Dhs62.6 billion, while Jordan’s investment in the UAE is about Dhs4.5 billion. Jordanian companies and brands are concentrated in several sectors, including financial and insurance, manufacturing, industry, real estate, construction, retail and trade.

Abu Dhabi Fund for Development (ADFD) is a leading national financial entity owned by the Abu Dhabi government. It was established in 1971 with an aim to help developing countries strengthen their economies by providing concessionary loans for development projects as well as through long-term investments and direct contributions. In addition to managing development grants given by the Abu Dhabi government, ADFD has adopted a policy of supporting the national economy by driving private-sector investments, financing national exports and enabling exporters to expand into global markets, thus enhancing the competitiveness of the UAE economy.

Abu Dhabi Fund for Development (ADFD) participated in the inauguration of five colleges in Jordan, which were built with an ADFD funding of Dhs80.3 million. The initiative is part of the Jordanian Public Universities Development Programme that includes the implementation of 27 projects in the education sector at a total value of Dhs466 million to boost the education sector.

ADFD funded projects in various strategic sectors such as energy, transport, water and agriculture, health, and education. These projects were financed from the Dhs4.6 billion the UAE allocated to Jordan in 2012 as part of the Arab Gulf Programme for Development (AGFUND) to support the Jordanian government’s efforts towards sustainable socioeconomic development.

The two buildings for the College of Commerce and the College of Engineering at Albayt University in Al Mafraq were built at a cost of about Dhs40 million. A building for the Nursing College was also inaugurated, in addition to a project to construct and equip a building for the Energy Research and Studies Centre at Al Hussein Bin Talal University in the city of Ma’an. The projects are to be carried out at a total cost of Dhs22 million. A building of the College of Pharmacy at Mu’tah University in Karak, which was developed at a cost of Dhs18.3 million, was also inaugurated.

Nasser Shraideh, Minister of Planning and International Cooperation in Jordan, expressed his appreciation for the UAE and its leadership for their steadfast support for the Jordanian people and for their pioneering role in helping the Jordanian government achieve sustainable development.

He also thanked ADFD for funding and managing development grants, noting that these efforts helped enhance the efficiency of services offered to Jordanian people and accelerate economic development, and that the Kingdom considers ADFD as its key development partner. He also expressed his desire to boost their partnership with ADFD over development.

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