UAE, Guinea discuss investment opportunities in the vital sectors

Mohamed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development (ADFD), received a delegation from Guinea-Conakry, headed by Ousmane Domboya, Adviser to the President. The discussions focused on expanding the economic cooperation.

The meeting was attended by Khalifa Abdullah Al Qubaisi, Deputy Director General of ADFD; and other officials from both sides.

Extending a cordial welcome to the delegates, Al Suwaidi reflected on the depth of the strategic relations between the UAE and Guinea-Conakry. He said that the visit was an opportunity to take the ties to the next level and explore ways to enhance contributions to the country’s sustainable economic development. Domboya expressed his appreciation for the UAE leadership and Abu Dhabi Fund for Development for their continued support to his country to implement projects in priority sectors, as he highlighted Abu Dhabi Fund for Development’s role in supporting economic advancement of developing countries. “We look forward to strengthening economic cooperation with Abu Dhabi Fund for Development and discussing opportunities for investment in vital sectors that would help us to accelerate our economy,” he said.

Abu Dhabi Fund for Development started its initiatives in Guinea in 1977, financing projects worth about Dhs441 million. Over the years, it provided a steady support to the country’s government in advancing the development process in various fields such as energy and social development.

Some of the crucial projects financed by ADFD in Guinea include the financing of the Tambo 1 and Tambo 2 power plants with a total capacity of 60 megawatts, and the establishment of the National Electricity Distribution centre in Conakry, which contributes to raising the efficiency of power distribution in rural areas and supporting economic and social activities there. ADFD also signed an Dhs95.5 million agreement with the Guinean government to fund the construction of major roads and intersections in Conakry.

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, Abu Dhabi Fund for Development has marked developmental milestones in 103 developing countries.

Spanning the last 50 years, the Fund’s development projects and investments, valued at Dhs150 billion, have helped the international community achieve sustainable economic growth, as well as drive the implementation of the United Nations’ Sustainable Development Goals (SDGs).

Guinea is a country in West Africa, bordered on the west by the Atlantic Ocean. It’s known for the Mount Nimba Strict Nature Reserve, in the southeast. The reserve protects a forested mountain range rich in native plants and animals, including chimpanzees and the viviparous toad.