UAE further strengthens trade and investment relations with Cuba

ADFD and Cuba senior officials at the meeting.

Mohamed Saif Al Suwaidi, Managing Director of the Abu Dhabi Fund for Development (ADFD), received Rodrigo Malmercadiz, Minister of Trade, Foreign Investment and International Cooperation of Cuba, at the Abu Dhabi Fund Headquarters for development in Abu Dhabi. Attending the meeting were Khalifa Abdullah Al Qubaisi, Deputy Director General of ADFD; Roberto Blanco, Cuban Ambassador to the United Arab Emirates; and other senior officials on both sides.

Discussions focused on bilateral relations, as well as development and economic opportunities for the Cuban government. They also discussed ADFD-funded projects in Cuba as part of its broader strategy to foster sustainable development in developing countries.

Al Suwaidi said that relations between the ADFD and the Cuban government have improved remarkably over the past five years, when the ADFD has funded renewable energy projects that have played a major role in improving the quality of life in this Latin American country and enabled him to achieve his goal. development goals.

He expressed ADFD’s willingness to further consolidate relations with Cuba and fund more projects that would strengthen the country’s economy.

Malmercadiz said: “The meeting was the culmination of our desire to strengthen coordination and cooperation with the Abu Dhabi Fund for Development, which finances development projects that have a major impact on various economic sectors in Cuba. “. He highlighted the importance of energy projects in his country, saying they were transforming the lives of thousands of families, accelerating the development of vital sectors and helping to preserve the environment through the reduction of carbon emissions. He also thanked the UAE and its leadership for implementing the projects through the ADFD, which has helped the country maintain its aspirations of producing 24% of electricity from renewable energy sources. clean by 2030.

In 2019, the Cuban government launched an ADFD-funded solar energy project. Worth 55 million Dhs, the plant has a production capacity of 15 megawatts. The Abu Dhabi Fund for Development has also allocated 11 million dirhams for a solar energy project at the University of Las Villas in Santa Clara with the aim of meeting the energy needs of large cities, reducing emissions of carbon and the consumption of organic fuels.

The Abu Dhabi Fund for Development (ADFD) is a leading national entity for economic development assistance owned by the Government of Abu Dhabi. Created in 1971, it aims to help emerging countries by granting concessional loans to finance sustainable development projects as well as by administering long-term investments and direct contributions. In addition to managing the development grants offered by the Government of Abu Dhabi, the ADFD has adopted a policy of supporting the national economy and financing investments from the UAE’s private sector. Since its inception, ADFD has marked development milestones in 103 developing countries. Over the past 50 years, ADFD’s development projects and investments, valued at AED150 billion, have helped the international community achieve sustainable economic growth and foster the implementation of the Sustainable Development Goals ( SDGs) of the United Nations.

Earlier, Abdullah Mohamed Al Mazrouei, President of the Abu Dhabi Chamber of Commerce and Industry (ADCCI), and Antonio Carricarte Corona, President of the Chamber of Commerce of the Republic of Cuba, discussed strengthening economic cooperation between the business communities of Abu Dhabi and Cuba. During the meeting held at Expo 2020 Dubai, Al Mazrouei said that Cuba is one of the leading countries in the Caribbean and a vital center of investment, highlighting the considerable growth in economic relations between the United Arab Emirates and Cuba. in trade and investment.

He underlined the eagerness of the business sector in Abu Dhabi to explore the characteristics of Cuba’s trade and investment sectors and the need to coordinate the Abu Dhabi and Cuba chambers and organize business visits. exchange and business meetings to develop and strengthen business relationships.