ADFD allocates $80 million for water sector project in Argentina‬ - GulfToday

ADFD allocates $80 million for water sector project in Argentina‬

ABU-DHABI-BIZ

Top officials at the signing ceremony.

Abu Dhabi Fund for Development (ADFD), the leading national entity for international development aid, has approved $80 million (Dhs294 million) in funding to contribute to the economic development of Argentina through supporting a project to fortify the water sector in the province of Santa Fe.

ADFD’s concessionary loan will facilitate the expansion of an existing water treatment plant in Desvío Arijón over two phases. Upon completion, the project will provide clean drinking water to more than 300,000 beneficiaries in 19 residential areas.

Mohammed Saif Al Suwaidi, Director General of ADFD and His Excellency Gonzalo Saglione, Minister of Economy from the Province of Santa Fe, signed the loan agreement outlining the terms of collaboration at the Fund’s headquarters in Abu Dhabi. Several high-ranking officials from both sides were also present at the signing.

Speaking on the occasion, Mohammed Saif Al Suwaidi said: “ADFD is proud to ink a partnership with the Government of Argentina to enable the country to achieve its outlined strategic priorities. Over the years, business, trade and friendly bilateral ties between the UAE and Argentina have continued to strengthen and grow.”

He added: “Water is a primary resource to enhance the quality of life of any nation. In addition to creating job opportunities across several disciplines including construction, project management and operations, this project is also expected to bring significant socio-economic benefits to the residents of the Santa Fe province.”

The funding will cover the supply and installation of the necessary equipment for the operation, control and maintenance, civil, as well as electromechanical works. Furthermore, it will include the construction of four pumping stations and reservoirs in different locations.

For his part, His Excellency Gonzalo Saglione praised the UAE’s role in assisting countries around the world with achieving their strategic growth objectives. He added that with the financial support from ADFD, water security in the province of Santa Fe in Argentina is set to become a reality and bring with it a plethora of economic benefits.

ADFD enjoys a successful track-record of developmental projects in Argentina. In 2016, the Fund signed an AED55 million (US$15 million) concessionary loan agreement with Argentina to finance the construction of the Nahave Hydropower project.

Since its inception in 1971, ADFD has funded thousands of development projects worth approximately AED83 billion in 88 beneficiary countries. Mandated to implement Abu Dhabi government’s development programme policies, the Fund provides concessionary loans, manages Abu Dhabi government grants and injects direct long-term investments with the aim of driving economic development in partner countries.

Meanwhile, in a bid to support the UAE’s national economy, Abu Dhabi Fund for Development (ADFD), the leading national entity for international development aid, has facilitated business deals worth Dhs16.5 billion for UAE companies over the last 10 years to implement ADFD-funded projects in developing countries.

Capitalising on its close relations with developing countries, the Fund has also invested in partnerships and initiatives to support national companies of the UAE and create investment opportunities in developing countries.

In line with the directives of His Highness Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and Chairman of ADFD’s Board of Directors, the Fund has amended its tendering system for projects financed by ADFD-managed government grants. Up to 10 per cent preference will be given to national companies that pass the technical assessment and financial qualification stage outlined in the Fund’s tender policy for grant projects.

 Sheikh Mansour Bin Zayed Al Nahyan stressed that since its establishment by the founding father of the UAE, late Sheikh Zayed Bin Sultan Al Nahyan, ADFD has provided funding – including concessionary loans and Abu Dhabi government grants – to drive comprehensive development, assist developing countries in addressing economic challenges and improve the standard of living. He added that the Fund has financed hundreds of projects in multiple countries across the world in sectors ranging from infrastructure to health and education as well as renewable energy. These projects have had a significant positive impact on people’s lives.

His Highness explained that ADFD implements its mandate of providing development aid based on its strategy and development programmes under the directives of the UAE President His Highness Sheikh Khalifa Bin Zayed Al Nahyan and His Highness Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

The Chairman of ADFD’s Board of Directors noted that in addition to the significant role the Fund plays in achieving sustainable development in developing countries, ADFD also contributes to stimulating the UAE economy and enhancing its competitiveness within the outlined economic diversification strategy – a key pillar of the country’s policy. His Highness added that the Fund works to establish investment companies and support existing companies in beneficiary countries, thus advancing their economic development while providing opportunities for national companies to enter international markets through various means.

WAM