Abu Dhabi Fund for Development (ADFD) has signed a memorandum of understanding (MoU) with the Government of Uzbekistan to evaluate the scope to fund infrastructure projects worth $299.5mm (AED1.1bn) in Samarkand, a city located on the Silk Road between China and the Mediterranean.
As part of the MoU, ADFD will also explore a $5m (AED18.4m) concessionary loan agreement to study the feasibility of the Samarkand construction projects.
An agreement has been signed between Uzbekistan and ADFD to form a company that will drive investments into the Central Asian country.
Commenting on the agreement, HE Mohammed Saif Al Suwaidi, director general of ADFD, said: “As a proud strategic partner of Uzbekistan, ADFD is committed to driving sustainable economic development in the country, and achieving the outlined priorities of the Uzbek government.”
The joint ADFD-Uzbek company will invest in various economic and development fields, including tourism, industry, and services, according to Elior Ganiev, the Uzbek Deputy Prime Minister.
ADFD has financed development projects worth $22.9bn (AED84bn) in 88 countries around the world since its inception in 1971. In April 2018, the organisation extended a $30m (AED110m) concessionary loan to Mali, which wants to build 50,000 housing units to meet rising demand for housing.