UAE and Mauritius discuss bilateral relations, investment opportunities

Mohammed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development (ADFD), received at the Fund’s headquarters in Abu Dhabi Shaukat Ali Soudhan, Ambassador of Mauritius to the UAE. Khalifa Abdullah Al Qubaisi, Deputy Director General of ADFD; and other senior officials from both sides were present at the meeting.

They discussed bilateral relations and opportunities for investment that would contribute to the Mauritian economy and drive the country’s sustainable development.

Mohammed Saif Al Suwaidi said: “Mauritius is one of the countries that has distinguished strategic relations with Abu Dhabi Fund for Development for four decades. The first project financed by ADFD in the country was a water network, following which it financed many others in various sectors, which collectively helped raise the quality of life in Mauritius.”

Expressing appreciation and gratitude to Abu Dhabi Fund for Development for helping developing countries to strengthen their economies, Soudhan said that ADFD played an important role in driving sustainable development in Mauritius by enabling it to implement many projects in strategic sectors.

The ambassador indicated that through this meeting, we look forward to taking the relations further with the Fund and exploring new opportunities for economic cooperation in vital priority sectors in Mauritius, such as water, renewable energy, as well as tourism and integrated urban development.

In 1982, Abu Dhabi Fund for Development financed the construction of the Maraufakra water plant, and in 2019 a solar photovoltaic project worth Dhs36.7 million, benefiting about 10,000 families while also reducing Mauritius’ dependence on fossil fuel. Additionally, the Fund provided financing of Dhs77 million to build a specialised eye hospital equipped with the latest medical equipment.

Abu Dhabi Fund for Development (ADFD) is a leading national entity for economic development aid owned by the Abu Dhabi government. Established in 1971, it aims to help emerging countries by providing concessionary loans to finance sustainable development projects as well as administer long-term investments and direct contributions. In addition to managing development grants offered by the Abu Dhabi government, ADFD has adopted a policy of supporting the national economy and financing UAE private-sector investments. Since its inception, ADFD has marked developmental milestones in 103 developing countries.

Spanning the last 50 years, the Fund’s development projects and investments, valued at AED150 billion, have helped the international community achieve sustainable economic growth, as well as drive the implementation of the United Nations’ Sustainable Development Goals (SDGs).

Last week Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD), received Rodrigo Malmercadiz, Minister of Trade, Foreign Investment and International Cooperation of Cuba, at the Abu Dhabi Fund for Development headquarters in Abu Dhabi. Present at the meeting were Khalifa Abdullah Al Qubaisi, Deputy Director General of ADFD; Roberto Blanco, Ambassador of Cuba to the UAE; and other senior officials from both sides.

The discussions focused on bilateral relations, as well as developmental and economic opportunities for the Cuban government. They also discussed about the projects funded by ADFD in Cuba as part of its broader strategy to drive sustainable development in developing countries.

Al Suwaidi said that the relations between ADFD and the Cuban government have remarkably improved over the past five years, when ADFD financed renewable-energy projects that played a major role in improving the quality of life in the Latin American country and enabling it to achieve its development goals.

He expressed ADFD’s keenness to further consolidate the relations with Cuba and finance more projects that would strengthen the country’s economy.

Malmercadiz said: “The meeting was the culmination of our keenness to strengthen coordination and cooperation with Abu Dhabi Fund for Development, which finances developmental projects that have major impact on various economic sectors in Cuba.” He underscored the significance of the energy projects in his country, saying that they transformed the lives of thousands of families, accelerated the development of vital sectors, and helped conserve the environment through reduction of carbon emission. He also thanked the UAE and its leadership for implementing the projects through ADFD, which helped the country to maintain its aspirations to produce 24 per cent of electricity from clean energy sources by 2030.

In 2019, the Cuban government launched an ADFD-funded solar power project. Valued at Dhs55 million, the plant has a production capacity of 15 megawatts. Abu Dhabi Fund for Development also allocated Dhs11 million to a solar power project at the University of Las Villas in Santa Clara with an aim to fulfil the energy needs of major cities, reduce carbon emission and the consumption of organic fuels.