(MENAFN- Emirates News Agency (WAM)) The Abu Dhabi Fund for Development, ADFD, has signed an MoU concerning the UAE's grant to Djibouti, which is valued at AED183.5 million, in implementation of the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan.

The signing ceremony was attended by Mohammed Saif Al Suwaidi, ADFD Director-General, and Osman Mousa Drar, Ambassador of Djibouti.

The grant is allocated to finance a number of developmental projects to be identified and agreed upon in cooperation with the Government of Djibouti, the grant will continue over the next five years, in the form of installments, each worth AED36.7 million a year In a statement on the occasion, Mr. Al Suwaidi said that the ties between the UAE and the Republic of Djibouti are strong and distinct, highlighting the Fund's keenness to develop and promote them through the support of various development projects.

Mr. Drar commended the UAE's initiative and the role played by the Abu Dhabi Fund in strengthening the pillars of the development process through adopting a fundamental and qualitative role to manage a number of key projects in Djibouti.