Business

UAE formally approves US$3 billion for Pakistan

Abu Dhabi Fund for Development, ADFD, has formalised US$3 billion (AED11 billion) deposit into the State Bank of Pakistan (SBP) to support Pakistan’s economic growth and achieve the long-term objectives of its monetary policy, official Emirates News Agency reported on Tuesday.
Announced in December 2018, the decision to formalise the deposit was made under the directives of the 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.
Mohammed Saif Al Suwaidi, Director General of ADFD, and Tariq Bajwa, Governor of the State Bank of Pakistan, signed the agreement at the ADFD headquarters in Abu Dhabi. Moazzam Ahmad Khan, Ambassador of Pakistan to the UAE, Khalifa Al Qubaisi, Deputy Director General of ADFD, and other senior representatives of the two parties attended the signing ceremony.
Speaking on the occasion, Saif Al Suwaidi said, “The directive to deposit US$3 billion with the State Bank of Pakistan aligns with the 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 Pakistan government 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.
For his part, Tariq Bajwa, praised the UAE leadership for their continued support to the people of Pakistan. He also noted the support from ADFD 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.