ISLAMABAD – Abu Dhabi Fund for Development, ADFD, has formalized an amountof US$3 billion (AED11 billion) to State Bank of Pakistan with an aim tosupport Pakistan’s economic growth and to achieve the long-term objectivesof its monetary policy.
According to the WAM news agency’s report received here on Tuesday, thedecision to formalize the depositwas made under the directives of the Sheikh Khalifa bin Zayed Al Nahyan,President and Sheikh Mohamed binZayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander ofthe 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 GeneralADFD, and other senior representatives of the two parties attended thesigning ceremony.Speaking on the occasion, Mohammed Saif Al Suwaidi said, “The directive todeposit US$3 billion withState Bank of Pakistan aligns with UAE leadership’s keenness to bolsterPakistan’s economy, help its government achieve financial stability andovercome economic challenges, and drive comprehensive development in thecountry.”
“ADFD and the government of Pakistan have enjoyed strong and long-standingties dating back to 1981.The Fund’s efforts have significantly contributed to improvingsocio-economic conditions in the country, boosting strategic growth andachieving the development priorities of the Pakistani government,” he added.
On the occasion, Tariq Bajwa praised UAE’s leadership for their continuedsupport to the people of Pakistan saying ADFD’s support over the years hasstimulated economic growth and contributed to sustainabledevelopment.To date, ADFD has provided AED1.5 billion to fund sustainable developmentprojects in Pakistanspanning diverse sectors, including transport, water and agriculture,healthcare, and education, he added.