Home Alternative Investments Abu Dhabi Fund for Development’s financing in Jordan reaches $1.76bln

Abu Dhabi Fund for Development’s financing in Jordan reaches $1.76bln

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The Abu Dhabi Fund for Development (ADFD) has supported hundreds of development projects in Jordan since 1974, with aggregated financing reaching 6.5 billion dirhams ($1.76 billion). 

The funds have helped deliver projects that collectively boost Jordan’s living standards and supported the government in its efforts to meet sustainable-development goals, ADFD said. 

“The benefits of the projects funded by ADFD in Jordan are reflected in the phenomenal improvement and diversification of infrastructure including education, transport, energy, housing and agriculture. All this resulted in the improvement of the quality of life in the country,” said Mohamed Saif Al Suwaidi, Director General of ADFD. 

Trade between the UAE and Jordan has likewise risen over the past several years, from 1.9 billion dirhams in 2010 to 10.4 billion dirhams in 2019. 

The UAE’s direct investment in Jordan has amounted to approximately 62.6 billion dirhams, while Jordan’s investment in the UAE is pegged at 4.5 billion dirhams. 

Ratings agency Fitch had revised in December the outlook on Jordan’s long-term foreign-currency issuer default rating to stable from negative, citing the country’s progress on fiscal consolidation and post-pandemic recovery. 

(Writing by Cleofe Maceda; editing by Seban Scaria ) 

Cleofe.maceda@lseg.com

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