Home » News » Abu Dhabi Fund working in Argentina

Abu Dhabi Fund working in Argentina

Abu Dhabi Fund for Development, ADFD, the leading national entity for international development aid, today approved US$80 million (AED294 million) in funding to contribute to the economic development of Argentina through supporting a project to fortify the water sector in the province of Santa Fe.

ADFD’s concessionary loan will facilitate the expansion of an existing water treatment plant in Desvio Arijon over two phases. Upon completion, the project will provide clean drinking water to more than 300,000 beneficiaries in 19 residential areas.

Mohammed Saif Al Suwaidi, Director General of ADFD and Gonzalo Saglione, Minister of Economy from the Province of Santa Fe, signed the loan agreement outlining the terms of collaboration at the Fund’s headquarters in Abu Dhabi.

Several high-ranking officials from both sides were also present at the signing.

Speaking on the occasion, Mohammed Saif Al Suwaidi said: "ADFD is proud to ink a partnership with the Government of Argentina to enable the country to achieve its outlined strategic priorities. Over the years, business, trade and friendly bilateral ties between the UAE and Argentina have continued to strengthen and grow."

He added: "Water is a primary resource to enhance the quality of life of any nation. In addition to creating job opportunities across several disciplines including construction, project management and operations, this project is also expected to bring significant socio-economic benefits to the residents of the Santa Fe province."

The funding will cover the supply and installation of the necessary equipment for the operation, control and maintenance, civil, as well as electromechanical works. Furthermore, it will include the construction of four pumping stations and reservoirs in different locations.

For his part, Gonzalo Saglione praised the UAE’s role in assisting countries around the world with achieving their strategic growth objectives.

He added that with the financial support from ADFD, water security in the province of Santa Fe in Argentina is set to become a reality and bring with it a plethora of economic benefits.

ADFD enjoys a successful track-record of developmental projects in Argentina. In 2016, the Fund signed an AED55 million (US$15 million) concessionary loan agreement with Argentina to finance the construction of the Nahave Hydropower project.

Since its inception in 1971, ADFD has funded thousands of development projects worth approximately AED83 billion in 88 beneficiary countries. Mandated to implement Abu Dhabi government’s development programme policies, the Fund provides concessionary loans, manages Abu Dhabi government grants and injects direct long-term investments with the aim of driving economic development in partner countries.

Source: WAM

author avatar
The Liberum
The Liberum
The Liberum runs on your donation. Fight with us for a free society.
Donation Form (#6)

More articles you might like

Master your Emotional Intelligence

You could be a well-liked manager in your organization, but you are starting to feel […]

A touch of Dubai’s Glitter and Glamour hits Rotterdam

The Dutch harbor city of Rotterdam got a touch of Dubai's glitter and glamour last […]

Giving Feedback is Essential to Grow

Giving feedback is essential to career growth if given constructively and at the right time. […]
- by Arthur Blok on 12/02/2024

Dutch Climate Expert emeritus professor Guus Berkhout: “There is No Climate Emergency; it is a Hoax”

Has climate madness reached its peak? More genuine climate experts dare to speak up against […]
- by The Liberum on 08/02/2024

Proportionality in this Gaza war is neither possible nor desirable

Proportionality in the Israel-Gaza war is impossible and undesirable. This is a paradoxical statement that […]
- by Arthur Blok on 31/12/2023

The Liberum’s highlights of 2023: From Dubai Bling to Global Disasters & Arab Science Fiction

The last hours of 2023. It was another wild ride, just like the previous year. […]