ADFD extends AED183.6 million loan to Montenegro to support agriculture
Abu Dhabi Fund for Development (ADFD) today offered an AED183.6 million concessionary loan to the Government of Montenegro to support agricultural development sector.
The agreement was formalized at a signing ceremony at the ADFD headquarters in Abu Dhabi between His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD and Dr. Zoran Vukcevic, Director of Montenegrin Development Fund in the presence of His Excellency Prof. Dr Petar Ivanovic, Minister of Agriculture and Rural Development of Montenegro.
Aimed at accelerating economic development in Montenegro through supporting food security and boosting agricultural and livestock exports, the agreement seeks to enhance the competitiveness of Montenegro's products to international levels. Towards this priority, the agreement supports mechanisms that elevate the quality and safety standards of agricultural and livestock production in the country, while opening up new markets for the country's exports.
His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, said: "As a catalyst for inclusive development and food security, the UAE, through the Abu Dhabi Fund for Development, pursues an active policy in supporting agricultural investment across the developing world. To achieve this goal, ADFD is committed to ensuring necessary funding for development projects, especially in strategically important sectors that can significantly benefit the economies of developing countries."
Al Suwaidi added: "Increased production and investment in agriculture will serve as an effective tool to achieving sustainable economic and social development across developing countries. In supporting such vital projects, we hope to create hundreds of job opportunities in the beneficiary countries, while contributing to the diversification of their economies and helping them achieve self-sufficiency in food and agricultural production."
Commending the efforts of the UAE and ADFD in promoting synergies with Montenegro, His Excellency Prof. Dr Petar Ivanović, the Minister of Agriculture and Rural Development of Montenegro, said: "ADFD's active involvement in financing agricultural projects in Montenegro will have a significant economic impact in the development of agricultural sector across the country."
Describing the project and its implementation stages, he added: "The project funded by the ADFD comprises two phases. Phase one includes the provision of loans to farmers and companies operating in agricultural and livestock production as well as assisting and guiding them towards effective management and implementation of their projects. Meanwhile, phase two involves the procurement of services relevant to machinery, factories, warehouses, and agricultural land, as well as the refurbishment and construction of new factories and agricultural assets."
In 2010, ADFD funded an AED38.9 million project that supports the water sector in Montenegro, providing drinking water to the coastal cities of Montenegro which are famous for their tourist attraction, and reflecting positively on the local economy.
ADFD is a national organization responsible for assisting developing countries through administering loans and direct grant aid 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 438 development projects in 76 countries around the world.