ABU DHABI Adam Boehler, Chief Executive Officer of U.S. International Development Finance Corporation (DFC), today joined His Excellency Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD), to sign a memorandum of understanding (MOU) enhancing collaboration in support of shared development goals in the Middle East. The MOU was signed during the Milken Institute Middle East and Africa Summit in Abu Dhabi, United Arab Emirates.
The need for investment and development is one of the challenges standing between the Middle East and a more prosperous, stable, and secure future for the region, said Boehler. Through this collaboration between DFC and ADFD, together we can help chart new growth opportunities that will uplift underserved communities across a region of critical importance.
H.E. Al Suwaidi said: We are delighted to sign this MOU that articulates ADFD’s keenness to work closely with international organisations to address the greatest challenges affecting sustainable development globally. In addition to strengthening the long-standing strategic partnership between the UAE and the USA, the MOU will allow us to catalyse private sector investments to maximise the socio-economic effects of our projects worldwide.
MOU aims to leverage the collective tools and resources of DFC and ADFD to more effectively and flexibly support private sector investment as a stabilizing force in the Middle East. The collaboration will also bolster the efforts of ADFD�which has traditionally operated as a foreign aid agency�to develop a new private sector financing arm.
Through their collaboration, DFC and ADFD will strengthen cooperation on business development, due diligence, and ongoing monitoring of jointly supported projects. They will focus on investments that address mutual development priorities, including projects that build critical infrastructure, promote energy independence, and improve access to quality healthcare.
Boehler is attending the Milken Institute Middle East and Africa Summit to underscore U.S. commitment to the region, explore private sector investment opportunities, and strengthen relationships with regional partners.
DFC is a new U.S. Government agency that modernizes the Overseas Private Investment Corporation (OPIC). Equipped with a more than doubled investment cap of $60 billion and new financial tools, DFC has more resources to invest in priority regions such as the Middle East and expanded flexibility to collaborate with key partners like ADFD.
Source: U.S. International Development Finance Corporation