The Abu Dhabi Fund for Development (ADFD) has provided Egypt with grants and concessionary loans worth AED 4 bn (USD 1.08 bn) to carry out 64 development projects in the country, Invest-Gate reports.

The funded projects cover various sectors, including in the foremost transport, housing, agriculture and irrigation, energy, industry and mining, education and healthcare.

Director General of ADFD Mohammed Saif Al Suwaidi also says that the ADFD owns an 84% stake in Abu Dhabi Tourist Investment Company, a Cairo-based hotel and tourism holding firm.

He adds that such efforts will significantly contribute to improving the living standards of Egyptian citizens and stimulating Egypt’s economic growth.

The ADFD and the Egyptian government have long enjoyed close and strategic ties. The constructive cooperation between the two parties continues to promote sustainable development in vital economic sectors that benefit Egyptian citizens.