(MENAFN- Mid-East.Info)
Jordan celebrates its achievements on 76th Independence Day
ABU DHABI: Strategic relations between Abu Dhabi Development Fund for Development (ADFD) and the government of Jordan date to 1974, when ADFD financed the first project in the country. Thereafter, the Fund financed hundreds of development projects in vital sectors, whose total value stands at about AED 6.5 billion. These projects collectively raised the standard of living in Jordan and helped the government to fulfil its sustainable-development objectives.
As Jordan celebrates its 76th Independence Day on May 25, ADFD participates in the observance of Jordan's phenomenal economic achievements. Its GDP has risen by 6.5%, with investment contributing about 13% to it. The GCC grant to Jordan in 2013 amounted to US$5 billion, of which the UAE's contribution was US$1.25 billion.
Abu Dhabi Fund for Development managed the UAE's grant to Jordan by directly overseeing the strategic projects that had a significant impact on the country's economy. The UAE has also helped raise foreign exchange reserves by depositing the entire grant with the Central Bank of Jordan, thus improving the efficiency of the country's financial system.
Mohamed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development, said:“The relations between the UAE and Jordan exemplifies an ideal bilateral partnership, which benefited both countries. By financing many development projects, the UAE and ADFD remained a genuine supporter of advancement of Jordan's economy and society. The benefits of the projects funded by ADFD in Jordan are reflected in the phenomenal improvement and diversification of infrastructure including education, transport, energy, housing and agriculture. All this resulted in the improvement of the quality of life in the country.”
He added that ADFD looks forward to consistent socioeconomic cooperation with Jordan to enable it to overcome any challenges in the way of accomplishing its developmental goals.
Trade between the UAE and Jordan has steadily risen over the past 10 years from AED 1.9 billion in 2010 to AED 6.9 billion in 2017, before registering a quantum leap in 2018 to AED 9.4 billion. In 2019, the trade volume stood at an all-time high of AED 10.4 billion.
The UAE's direct investment in Jordan amounts to about AED 62.6 billion, while Jordan's investment in the UAE is about AED 4.5 billion. Jordanian companies and brands are concentrated in several sectors, including financial and insurance, manufacturing, industry, real estate, construction, retail and trade.
About Abu Dhabi Fund for Development (ADFD)
Abu Dhabi Fund for Development (ADFD) is a leading national financial entity owned by the Abu Dhabi government. It was established in 1971 with an aim to help developing countries strengthen their economies by providing concessionary loans for development projects as well as through long-term investments and direct contributions. In addition to managing development grants given by the Abu Dhabi government, ADFD has adopted a policy of supporting the national economy by driving private-sector investments, financing national exports and enabling exporters to expand into global markets, thus enhancing the competitiveness of the UAE economy.
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