WASHINGTON (WAM)
Abu Dhabi Fund for Development (ADFD) and CAF – Development Bank of Latin America and the Caribbean—have signed a landmark agreement aimed at enhancing collaboration to promote sustainable economic growth and reduce inequalities in Latin America.
The agreement establishes a framework for joint initiatives in project co-financing, investment, and information exchange on the sidelines of the Annual Meetings of the International Monetary Fund and the World Bank Group organised by the General Secretariat of the Gulf Cooperation Council in cooperation with the World Bank, which was held in the US capital, Washington.
The key areas of cooperation outlined in the agreement encompass a wide range of collaborative activities. These include co-financing or parallel financing of projects, as well as joint investments and initiatives.
Furthermore, the organisations commit to collaborative development and assessment of projects for potential financing, thus fostering synergy in identifying and preparing investment opportunities.
The exchange of information on projects and initiatives plays a crucial role in this partnership, allowing both entities to benefit from mutual knowledge and experience. The agreement also leaves open the possibility of exploring other mutually agreed forms of cooperation, providing flexibility to adapt to future needs and opportunities.
Underlining the significance of this agreement, Mohamed Saif Al Suwaidi, ADFD Director-General, emphasised that the partnership aligns with the vision and mission of both organisations to promote sustainable development and economic inclusion in Latin America. "We are committed to advancing SDGs through climate action, infrastructure development, and social well-being.
ADFD is dedicated to fostering innovation and investment in key sectors that will drive economic growth and empower local communities. Together, we believe that collaboration can lead to sustainable outcomes that truly transform lives."
Sergio Díaz-Granados, Executive President of CAF, stated, "This Agreement with ADFD marks a significant step in our mission to drive sustainable development in Latin America. By combining our expertise and resources, we can amplify our impact and create more opportunities for growth and reduction of inequalities in the region. We look forward to a fruitful partnership that will benefit our member countries and their communities."
The agreement underscores both organisations' commitment to fostering economic development and improving living standards in developing countries. CAF, as a multilateral financial institution, brings its extensive experience in Latin America, while ADFD contributes its expertise in providing concessionary financial resources to developing nations worldwide.
This collaboration is expected to enhance the capacity of both institutions to support critical infrastructure, social development, and economic growth projects in CAF's shareholder countries.