UAE to further strengthen trade, investment relations with Cuba

Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD), received Rodrigo Malmercadiz, Minister of Trade, Foreign Investment and International Cooperation of Cuba, at the  Abu Dhabi Fund for Development headquarters in Abu Dhabi. Present at the meeting were Khalifa Abdullah Al Qubaisi, Deputy Director General of ADFD; Roberto Blanco, Ambassador of Cuba to the UAE; and other senior officials from both sides.

The discussions focused on bilateral relations, as well as developmental and economic opportunities for the Cuban government. They also discussed about the projects funded by ADFD in Cuba as part of its broader strategy to drive sustainable development in developing countries.

Al Suwaidi said that the relations between ADFD and the Cuban government have remarkably improved over the past five years, when ADFD financed renewable-energy projects that played a major role in improving the quality of life in the Latin American country and enabling it to achieve its development goals.

He expressed ADFD’s keenness to further consolidate the relations with Cuba and finance more projects that would strengthen the country’s economy.

Malmercadiz said: “The meeting was the culmination of our keenness to strengthen coordination and cooperation with Abu Dhabi Fund for Development, which finances developmental projects that have major impact on various economic sectors in Cuba.” He underscored the significance of the energy projects in his country, saying that they transformed the lives of thousands of families, accelerated the development of vital sectors, and helped conserve the environment through reduction of carbon emission. He also thanked the UAE and its leadership for implementing the projects through ADFD, which helped the country to maintain its aspirations to produce 24 per cent of electricity from clean energy sources by 2030.

In 2019, the Cuban government launched an ADFD-funded solar power project. Valued at Dhs55 million, the plant has a production capacity of 15 megawatts. Abu Dhabi Fund for Development also allocated Dhs11 million to a solar power project at the University of Las Villas in Santa Clara with an aim to fulfil the energy needs of major cities, reduce carbon emission and the consumption of organic fuels.

Abu Dhabi Fund for Development (ADFD) is a leading national entity for economic development aid owned by the Abu Dhabi government. Established in 1971, it aims to help emerging countries by providing concessionary loans to finance sustainable development projects as well as administer long-term investments and direct contributions. In addition to managing development grants offered by the Abu Dhabi government, ADFD has adopted a policy of supporting the national economy and financing UAE private-sector investments. Since its inception, ADFD has marked developmental milestones in 103 developing countries. Spanning the last 50 years, ADFD’s development projects and investments, valued at AED150 billion, have helped the international community achieve sustainable economic growth, as well as drive the implementation of the United Nations’ Sustainable Development Goals (SDGs).

Earlier Abdullah Mohamed Al Mazrouei, Chairman of Abu Dhabi Chamber of Commerce and Industry (ADCCI), and Antonio Carricarte Corona, President of the Chamber of Commerce of the Republic of Cuba, discussed boosting economic cooperation between the business communities of Abu Dhabi and Cuba. During the meeting held at Expo 2020 Dubai, Al Mazrouei said that Cuba is one of the leading countries in the Caribbean and a vital investment hub, highlighting the considerable growth seen by UAE-Cuba economic relations across trade and investment.

He underscored the eagerness of the business sector in Abu Dhabi to explore features of Cuba’s trade and investment sectors and the need to coordinate between the Abu Dhabi and Cuban chambers and organise exchange visits and business meetings to develop and enhance business relations.