ABU DHABI, 10th June, 2021 (WAM) Abu Dhabi Fund for Development (ADFD) today signed two agreements worth AED367 million with the Government of Turkmenistan. The first agreement includes the allocation of AED275 million (US$75 million) towards the construction of an airport in Jebel in Balkan Region, whereas the second agreement aims to finance the development of a 10 megawatts hybrid power plant at a cost of AED92 million (US$25 million).
The two agreements were signed by Mohammed Saif Al Suwaidi, Director General of ADFD,.
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Abu Dhabi Fund for Development and Turkmenistan sign 3 memoranda of understanding
AKIPRESS.COM - Abu Dhabi Fund for Development (ADFD) signed three memoranda of understanding with the Government of Turkmenistan aimed at strengthening economic and development cooperation through investment in vital sectors that would benefit economies of both countries.
The first memorandum of understanding (MoU) involved the establishment of an investment company in Turkmenistan with a target capital of AED 370 million (US$100 million), whereby investment opportunities and development projects are to be presented for ADFD’s considerations. In the initial stage, ADFD and Turkmenistan will contribute AED58.7 million (US$16 million) for investment in vital sectors such as energy, agriculture, tourism and industry. This amount will be shared equally by the two parties. According to the agreement, the Turkmen government will present project proposals to ADFD for financing, after which the Fund will t