ADFD supports irrigated agriculture in Serbia with AED 356 million

ABU DHABI: Abu Dhabi Fund for Development, ADFD, has signed a loan agreement with the government of Serbia, by which ADFD will provide AED 356 million to contribute in financing a significant project in the agriculture sector, specifically irrigated agriculture. The agreement was signed by Mohammed Saif Al Suwaidi, Director-General of ADFD and Lazar Krstic, Minister of Finance in Republic of Serbia.

The project aims to carry out reclamation of 13 agricultural sites with a total area estimated at 24 thousand hectares in the province of Vivodena in Serbia. This project expected to contribute to giving a strong boost in terms of raising efficiency and productivity of the agricultural sector in the country.

Mr. Al Suwaidi said, “ADFD and the U.A.E. government have put special emphasis on supporting the growth and development of the agricultural sector in developing countries, as this represents one of the most significant sectors for a number of reasons: the huge workforce employed in it, its role in satisfying the increasing local consumption of food and providing the foodstuff industry in the country with raw materials. The excess local production is exported to many regional and international markets, a trade that is one of the biggest foreign currency earners for the country.” The ADFD Director-General also stressed on the U.A.E. leadership keen on the development and strengthening of cooperation with the Republic of Serbia, noting the good relations that combine the two countries since ever, and support the Serbian government in various fields, especially economic and finance development projects that benefit positively the Serbian people.

Mr. Krstic said, “ADFD has provided a loan to support the agricultural sector and through this important project will have a significant impact on supporting the efforts of the Serbian government in achieving food security, and the provision of basic needs of food for the Serbian people. Additionally, the project will contribute to stimulating a number of other sectors related to food industries in the country and thus will help the Serbian economy to recovery.” The Serbian minister highlighted the depth of relations with the United Arab Emirates, stressing his country’s keenness to develop its bilateral relations with the U.A.E. and support everything that enhances the aspects of joint cooperation at all levels. He expressed the thanks and appreciation of Serbia’s government and people for the leadership and people of the U.A.E. for their continuous support to his country, and its eagerness to support the plans for economic and social development in Serbia.