November 18, 2009
Abu Dhabi Fund for Development provides Dhs62.44m for agricultural development in Morocco
Posted on 7:19 PM by google
Abu Dhabi Fund for Development (ADFD) has signed an agreement to provide Dhs62.44m ($17m) to build a Dam in Tamkeet in Rashidia, Morocco, that will support the region's agriculture.
The loan agreement was signed by His Excellency Mohammed Saif Al Suwaidi, Acting Director General of ADFD and His Excellency Abd Al Qader Alzawi Morocco's Ambassador to the UAE, at ADFD's offices in Abu Dhabi.
Al Suwaidi said:
"This agreement comes in line with our commitment to implement the directives of 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, under the supervision of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs and Chairman of the Abu Dhabi Fund for Development, to assist developing countries and help boost economic development."
"The Dam in Tamkeet is vital as it will contribute to support the country's economy by providing water to irrigate the territory of Rashidia in Morocco. This project also seeks to provide safe drinking water and protect the area from floods. The 14m cubic meters dam will serve as a huge reservoir of water for Morocco," he added.
His Excellency Alzawi expressed his appreciation for the support provided by the Abu Dhabi government and ADFD in executing developmental projects in Morocco, which had a significant impact on the economic growth of the country.
ADFD has contributed to financing 27 developmental projects in the past years with a total value estimated at Dhs2bn.
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