UAE govt grants AED 257 million to ADFD to fund urban redevelopment

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Abu Dhabi Fund for Development (ADFD), the leading national entity for economic development, approved a grant of AED 257 million (US$70 million) provided by the UAE government to fund the development of more than 2,000 residential housing units that is part of the urban redevelopment of one Albania’s leading economic centers that sustained major damage from a series of recent earthquakes.

This grant supporting the Albanian urban reconstruction program is being provided under the direction of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces for implementation by ADFD. His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, and H.E Arben Ahmetaj, Minister of State for Reconstruction in Albania signed the Memorandum of Understanding of the funding in Abu Dhabi.

His Excellency Mohammed Al Suwaidi said: “This development project truly represents the core values of ADFD and the UAE. It helps provide people with safe, affordable housing in line with UN Sustainable Development Goals while contributing to the positive economic development of a long-term strategic global partner nation.”

“Albania and the United Arab Emirates have long maintained a strong and mutually beneficial economic cooperation relationship,” said H.E Arben Ahmetaj, Minister of State for Reconstruction in Albania. “We also have an excellent track record successfully working with ADFD to fund and develop critical infrastructure projects that are strategically important to sustaining our national economy. The redevelopment of Durrës County has been impacted by the global pandemic and this project will help accelerate our continued economic recovery.”

Since 2011, ADFD has funded projects totaling greater than AED 440 million (US$119 million) that included Tirana River and road rehabilitation projects that contributed to the national economic revitalization strategy that states to increase foreign investment in Albania.

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