Abu Dhabi Development Funds projects in South America

The Abu Dhabi Fund for Development and the Latin American and Caribbean Development Bank (CAF) signed a cooperation agreement aimed at providing joint financing to support development and investment projects and achieve sustainable economic growth in Latin America.

This came on the sidelines of the meetings of the International Monetary Fund and the World Bank, organized by the General Secretariat of the Gulf Cooperation Council, in cooperation with the World Bank, which were held in the American city of Washington.

A statement issued yesterday stated that the agreement allows the exchange of information and expertise to develop and evaluate economic projects eligible for financing, which contributes to supporting joint investment initiatives and allows adaptation to the priority future needs and opportunities of developing countries in South America.

The agreement stipulates the commitment of the two institutions to promoting economic development and improving living standards in developing countries, as the Development Bank for Latin America and the Caribbean will benefit from it, as it is considered a multilateral financial institution and has extensive experience in Latin America, while the Abu Dhabi Fund for Development will contribute with its extensive experience in Providing soft financial resources to implement strategic projects in developing countries.

The Director General of the Abu Dhabi Fund for Development, Mohammed Saif Al Suwaidi, said: “This strategic partnership is in line with the vision of the Fund and the Bank, and contributes to promoting sustainable development and stimulating vital sectors.”

He stressed that “this cooperation will produce qualitative results that will create a tangible and significant impact that supports improving the quality of life of communities and promotes sustainable economic growth.”

For his part, the CEO of the Latin American and Caribbean Development Bank, Sergio Diaz Granados, said: “The agreement is an important step that contributes to advancing sustainable development in Latin America.”