The Abu Dhabi Fund for Development (ADFD) on Monday signed with Maldives government in a Memorandum of Understanding (MoU) to provide its largest ever grant to the island nation.
ADFD is expected to provide a grant of MVR771 million (USD 50 million) for the year 2020. The grant is also the single largest amount from the fund to Maldives, till date.
Minister of Foreign Affairs Mr Abdulla Shahid signed on the MoU on behalf of Maldives government while ADFD's Director General Mr Mohammed Saif Al-Suwaidi signed on behalf of the fund.
ADFD was expected to provide a grant of MVR385 million to Maldives government for 2020, initially.
However, the fund confirmed doubling up the grant and was thus informed to Minister of Foreign Affairs on 10 November 2019.
Subsequently, Maldives President Ibrahim Mohamed Solih made the announcement during the Republic Day conference.
ADFD's newest arrangement with Maldives, comes as part of the former's commitment in supporting the development agenda of the island nation.
The fund has been an important supported and a development partner of Maldives since late 1970s.
