Abu Dhabi Fund for Development finances AED692 mln projects in Bangladesh

Abu Dhabi Fund for Development finances AED692 mln projects in Bangladesh

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ABU DHABI: Abu Dhabi Fund for Development (ADFD) and the Government of Bangladesh have enjoyed close relations for more than 40 years. The ties enabled ADFD to drive development in Bangladesh through financing major developmental projects amounting to AED692 million. These initiatives covered sectors such as agriculture, energy, industry, transport and water.

Moreover, ADFD also holds a 60% stake in the UAE-Bangladesh Investment Company Limited (UBICO). The company aims to support the people of Bangladesh by providing loans at concessionary interest rates for small and medium-sized projects, thus contributing to the economy and creating jobs.

Greeting the government and people of Bangladesh on the country’s Independence Day (March 26), H.E. Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development said that the cooperation between ADFD and Bangladesh represents a model of strategic relations that Abu Dhabi Fund looks to build with all partner countries.

“Through financing development projects, besides other investments in Bangladesh, we seek to meaningfully contribute to the country’s economy that will be reflected in the advancement of its population and achievement of the nation’s sustainable development targets,” he said.

H.E. Al Suwaidi stressed ADFD’s keenness to expand the strategic cooperation with Bangladesh, a key partner country since 1976.

Bangladesh