ADFD to deposit $3 billion to State Bank of Pakistan

ADFD to deposit $3 billion to State Bank of Pakistan

ISLAMABAD - Abu Dhabi Fund for Development, ADFD, has formalized an amount of US$3 billion (AED11 billion) to State Bank of Pakistan with an aim to support Pakistan’s economic growth and to achieve the long-term objectives of its monetary policy.

According to the WAM news agency’s report received here on Tuesday, the decision to formalize the deposit was made under the directives of the Sheikh Khalifa bin Zayed Al Nahyan, President and Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

Mohammed Saif Al Suwaidi, Director General of ADFD, and Tariq Bajwa, Governor State Bank of Pakistan, signed the agreement at ADFD Headquarters in Abu Dhabi. Moazzam Ahmad Khan, Ambassador of Pakistan to UAE, Khalifa Al Qubaisi, Deputy Director General ADFD, and other senior representatives of the two parties attended the signing ceremony. Speaking on the occasion, Mohammed Saif Al Suwaidi said, "The directive to deposit US$3 billion with State Bank of Pakistan aligns with UAE leadership’s keenness to bolster Pakistan’s economy, help its government achieve financial stability and overcome economic challenges, and drive comprehensive development in the country."

"ADFD and the government of Pakistan have enjoyed strong and long-standing ties dating back to 1981. The Fund’s efforts have significantly contributed to improving socio-economic conditions in the country, boosting strategic growth and achieving the development priorities of the Pakistani government," he added.

On the occasion, Tariq Bajwa praised UAE’s leadership for their continued support to the people of Pakistan saying ADFD’s support over the years has stimulated economic growth and contributed to sustainable development. To date, ADFD has provided AED1.5 billion to fund sustainable development projects in Pakistan spanning diverse sectors, including transport, water and agriculture, healthcare, and education, he added.