(MENAFN- Emirates News Agency (WAM)) The Abu Dhabi Fund for Development, ADFD, has supported the process of comprehensive and sustainable development in the Arab Republic of Egypt through the provision of loans and management of government grants aimed at building, development and support of key sectors in the country.
The historical ties between the UAE and Arab Republic of Egypt provides a strong springboard for further collaboration and interaction between the people of both countries at multiple levels and in various fields. Building on this outstanding relationship, ADFD seeks to support the inclusive development of Egypt through providing loans and managing government grants with a view to developing key sectors of the Egyptian economy.
ADFD's engagement in the development of Egypt dates back to 1974, when the Fund financed the Talkha Fertilizer Factory. Since then, Egypt has remained among the top countries that benefited from ADFD's loans.
To date, ADFD has funded and managed 17 projects in Egypt across sectors such as agriculture, housing, energy, transport, trade and industry, tourism, and social development at a total project outlay of AED3.5 billion. This includes AED2.056 billion in government grants allocated for seven projects managed by ADFD, as well as AED1.442 billion loan allocated to finance 10 projects.
Dr. Sultan Ahmed Al Jaber, Minister of State and Chairman of Coordination Office of UAE-funded Development Projects in Egypt, said: "As a leading national institution, we are proud to partner with ADFD in implementing a number of development projects in Egypt under the directives of UAE leadership. These projects are testament to the historical relationship shared by the two countries at all levels."
Dr. Sultan added that the UAE-funded development projects in Egypt aim to promote economic and social development in the country through supporting its efforts to develop vital economic sectors and improving the living standards of ordinary Egyptian citizens.
Mohammed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development said: "The strong bonds between the UAE and the Egypt are the result of continuous engagement between the two countries for many years in various fields. It provides a unique model for brotherly relations based on mutual respect and common objectives. The projects funded by ADFD in Egypt also articulate the depth of our historical relations, as well as the importance placed by ADFD on supporting Egypt in its steady march towards achieving sustainable development."
Al Suwaidi added: "At ADFD, we are proud to collaborate with friendly countries and contribute to achieving better living standards for the people of Egypt people through investing in development projects and creating job opportunities."
In line with its objectives of improving the living standards of people in Egypt, ADFD has financed and managed three vital housing projects and related infrastructure at a total investment outlay of AED1.4 billion. Notable among these is the AED735-million Sheikh Zayed Housing City Project, one of Egypt's largest residential developments.
The Fund has also developed the supporting infrastructure including public utilities, and water supply network for this project. Located 38 kilometers to the west of Cairo on the Cairo € Alexandria road and the Sixth of October City, the project includes the construction of the 200-bed Sheikh Zayed City hospital, which offers all medical specialties and equipment including a nuclear medicine therapy department.
Additionally, the project comprises two mosques, secondary schools for girls and boys, an industrial and trade secondary school, five primary schools and two centers affiliated to Al Azhar University.
The Fund has also managed a grant allocated to build 300 housing units for farmers in Al Khattara area along with the required infrastructure, including internal roads, water and electricity lines, a school, and an AED12 million mosque. The project aims to develop the rural areas and reduce migration from countryside to cities through developing agriculture and livestock sectors, and providing a decent living standard for farmers based in Khattara area.
In the agricultural sector, ADFD has funded and managed five agricultural projects at a total project outlay of AED1.3 billion including the West Nubaria land reclamation project. The AED263 million reclamation project is aimed at developing the agricultural sector through the reclamation of 55,000 acres of land in the West of Nobaira and Northeastern Cost. The project provided a much-needed thrust to the agricultural sector reclaiming vast tracts of land to grow crops of high value, such as vegetables, fruits, cereals and cotton. The project also enabled the implementation of a high-scale reclamation program for farmers, while providing agricultural laborers with thousands of jobs.
The project included the purchase of land reclamation devices, state-of-the-art irrigation tools, components of electrical networks such as transformers needed to operate the project, construction of small pumping plants in some agricultural regions, extension of canals and piping for irrigation and providing the regions with advanced agricultural equipment, cables and insulators.
In its efforts towards tackling the global traffic congestion challenge and accelerating economic growth in Egypt, Abu Dhabi Fund for Development financed the Suez Canal Project. The financial breakdown across two years, 1974 and 1977, reached a total value of AED205 million.
The project aimed to develop and expand the Suez Canal to increase international maritime movement. This goal was achieved by increasing the water level in the canal and through modernizing and developing the communication infrastructure. In addition, the project contributed to increasing supervision equipment space, which allows a passage way for ships with a draft of 16.1 meters.
The Suez Canal enhancement enabled the channels to accommodate the new generation of large cargo ships as well as the huge oil and gas tankers, facilitating and transit cargo between oil producing and consuming countries and boosting the channel's income significantly.
The project included the associated civil works such as drilling and bridging for the expansion of the channel, the construction of breakwaters in Port Fuoad Area in the far northern part of the channel, along with the latest navigation unit control equipment systems and VMS radar devices.
Since its inception, ADFD has prioritized power projects in developing countries due to the vital role of electricity in stimulating economic and social growth as well as supporting commercial and industrial activities.
Abu Dhabi Fund for Development financed two projects worth AED312 million in Egypt. A loan of AED128 million was provided to finance Abi Quair Power Plant. This project is meant to secure power supply for factories and new facilities in the industrial zone of Abi Qair in Alexandria.
This project has contributed to increasing productivity in the industrial sector. It also included the establishment of a plant for generating electricity using vapor. The plant has two vapor turbines, with a capacity of 30 MW, in addition to two units for vapor generation using natural gas produced in the Abi Madi gas field in the Northern Delta. The project also included providing the plant with all necessary services.
The energy sector projects also included the establishment of the Banha Power Station valued at AED184 million. The project aims to meet the growing demand for electricity and the increasing load in the center of the Delta region. A generator plant was put in place with a capacity of about 750MW linked to the electricity grid in the country with 220kV and combined with a cycle system. The project consists of two gas turbines and two steam turbines with a capacity of 250MW each, two boilers to restore heat, three generators, and transformers. The project also includes all civil, mechanical and electrical work, as well as consultancy services and insurance.
The Fund is keen to provide all forms of support in developing the industrial sector in Egypt. ADFD financed the project in Talkha, worth a total of AED58 million. The project primarily includes ammonia plants, urea plants and plants that provide support services, with the aim of achieving self-sufficiency in nitrogenous fertilizers.
The Talkha fertilizer plant has a perfect location near the Abu Madi field in the north of the Delta region, as it depends on the supply of natural gas - a basic substance in the production of urea.
The tourism sector is one of the most important drivers of economic development in countries. It generates foreign exchange, creates job opportunities for thousands of citizens and attracts local and foreign investment.
ADFD supported the Egyptian economy by offering a loan of AED17 million to develop the tourism sector. Upgrading of hotels was a top priority for strengthening the status of Egypt as one of the leading and most popular touristic destinations in the world. The primary project carried out with the support of ADFD included the restoration and rehabilitation of the hotel named Omar Khayyam (now known as Marriott Zamalek), which overlooks the River Nile. This project provided a remarkable momentum to the growth and development of Egyptian tourism.
The project renovation included all 700 hotel bedrooms, internal and external halls and conference halls, recreational activities, as well as restoration and remodeling of roads and the hotel's garden.
ADFD's contributions to the social development sector in Egypt included the establishment of the Social Fund for Development Foundation. This project aimed to provide secondary loans to owners of small and medium-sized enterprises, towards creating new jobs in productive fields, for several thousand youth, university graduates and for those who had lost their jobs as a result of the implementation of the comprehensive economic reform program.
The Abu Dhabi Fund for Development financed the Social Fund for Development in two phases, the first in 1991 when it offered and facilitated a loan of AED184 million and the second in 1997 when it offered a loan of AED37 million. The two loans bolstered the active role played by the Social Fund for Development in backing the projects of graduate entrepreneurs as well as craftsmen.
Established in 1971, ADFD is a national organisation responsible for assisting developing countries through administering loans and direct grant aids on behalf of the Abu Dhabi government. The Fund aims to promote sustainable socio-economic development and private sector growth in target countries. Since its inception, ADFD has overseen the provision of AED64 billion towards financing 428 development projects in 72 countries around the world.
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