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FINANCIAL NEWS
UAE, Jordan ink MoU on USD1.25b donation
23 Jan 2013
(MENAFN) The Abu Dhabi Fund for Development’s (ADFD) Acting Director General, Mohammed Saif Al Suwaidi, stated that the fund has inked a memorandum of understanding (MoU) with Jordan on the USD1.25 billion grant obliged to the Kingdom by the Gulf state, reported Emirates 24/7.
Al Suwaidi said that the grant is the UAE’s share of the Gulf Development Fund initiative introduced by the Gulf Cooperation Council (GCC) to support the country’s economy and to fulfill sustainable development.
Other Gulf states participating in the initiative are Kuwait, Saudi Arabia and Qatar.
The ADFD will be in charge of the UAE’s share, which would be used to fund projects in several key sectors, including health, education, water and sanitation, roads, transportation and energy.
The latest grant raises the total aid granted and managed by ADFD to Jordan to over USD1.35 billion.
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