His Excellency Mohammed Saif Al Suwaidi: Fund's projects align with Egyptian government's expansive vision and goals
Abu Dhabi-UAE: 24 July, 2017: Abu Dhabi Fund for Development (ADFD) and the Government of Egypt have long enjoyed close and strategic ties. The constructive cooperation between the two parties continues to promote sustainable development in vital economic sectors that benefit the citizens of Egypt.
To date, the Fund supported Egypt with Abu Dhabi government grants and concessionary loans worth AED4 billion across 64 development projects. The projects spanned diverse sectors, most notably transport, housing, agriculture and irrigation, energy, industry and mining, education and healthcare. In addition, ADFD owns an 84 per cent stake in Abu Dhabi Tourist Investment Company, a Cairo-based hotel and tourism holding firm.
On the occasion of Egypt's Revolution Day on 23 July, His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, complimented the government and people of Egypt on making significant headway in fulfilling the nation's development goals. He noted that such efforts would significantly contribute to improving the everyday lives of its citizens and accelerate Egypt's economic growth.
His Excellency Mohammed Saif Al Suwaidi emphasised ADFD's keenness to bolster the Egyptian government's endeavours through financing projects that support infrastructure development – a pre-requisite for socio-economic growth and prosperity.
He added: “ADFD's work in Egypt over the past four decades is testimony to the Fund's crucial role in boosting economic and social development across developing countries. The Fund's projects align with the expansive vision and goals of the Egyptian government.”
The following is a brief overview of select projects funded by ADFD in Egypt:
The Egyptian housing sector received a considerable amount of ADFD funding. Most notable among these ventures is the AED735 million Sheikh Zayed City, one of Egypt's largest residential projects that made a substantial contribution to the country's economic development and improved the living conditions of the population. Moreover, in 2000, ADFD earmarked AED661 million for the construction of the Naser Complex, which included the development of about 8,000 housing units. In 1991, the Fund financed an AED12 million housing project in Al Khatara that comprised the construction of 300 housing units and surrounding infrastructure.
In 1997, the Fund supported the South Valley development project, an AED367 million scheme that comprised three parts – the Sheikh Zayed Canal, a pumping station and an experimental farm. The strategic project included the construction of a new canal to irrigate an area of 100,000 acres as part of a larger plan to add 500,000 acres to the country's agricultural land and equip it with an integrated irrigation system.
Moreover, an earlier project aimed at improving the efficiency of existing irrigation systems in Egypt, was financed by ADFD to the tune of AED298 million in 1991. The venture included the construction of the El-Hammam canal extension on the North Coast and a Sinai West extension of the Sheikh Zayed Canal.
In 1989, the Fund allocated AED263 million towards land reclamation in the West of Nobaira that reclaimed large areas of agricultural land, enabled the implementation of a high-scale relocation programme for farmers and created thousands of jobs.
To support the Egyptian government in achieving its development goals for the energy sector, ADFD financed two key projects – the AED128 million Abi Qair Power Plant and the AED184 million Banha Power Station. The Abi Qair Power Plant secures power supply for factories in the industrial zones of Alexandria and Abi Qair. The plant has two vapour turbines with a capacity of 30 megawatts in addition to two units for vapour generation using natural gas produced in the Abu Madi gas field. Meanwhile, the 750 megawatt Banha Power Station caters to the high demand for electricity in the Banha area.
In the vital transport sector, ADFD made two monetary contributions to the extension and development of the Suez Canal to accommodate the increasing flow of international maritime traffic and enhance the operational efficiency of this crucial waterway. In 1974, the Fund provided AED145 million to finance phase one of the project, followed by the second instalment of AED60 million in 1977.
Social Development Sector
Over the past four-and-a-half decades, ADFD provided financing to Egypt's Social Fund for Development. In 1991, ADFD allocated an estimated AED184 million for initiatives that enhance the standard of living and create new employment opportunities for Egyptian citizens. The funds financed multiple projects and small enterprises, leading to the creation of 50,000 to 70,000 jobs every year. Meanwhile, the second instalment of AED37 million provided additional financial support to the Social Fund for Development to help elevate the population's living standards.