ADFD approves Dhs55m loan for road project in Cameroon - GulfToday

ADFD approves Dhs55 million loan for road project in Cameroon

ADFD

Top officials at the signing ceremony in Abu Dhabi.

Abu Dhabi Fund for Development (ADFD), the leading national entity for economic development aid, approved a concessionary loan worth Dhs55 million ($15 million) for the Olama-Kribi Road project in Cameroon.

To be constructed in line with international safety standards, the 204-kilometre road will link the capital Yaoundé to Kribi - one of the largest seaports in the country. Aimed at enhancing the country’s transportation sector, the strategic project will go a long way in stimulating Cameroon’s economy, facilitating trade exchange, as well as easing the movement of people, vehicles, and goods.

Mohammed Saif Al Suwaidi, Director General of ADFD, and Iya Tidjani, Ambassador of the Cameroon to Saudi Arabia, signed the loan agreement outlining the terms of the funding at ADFD’s headquarters in Abu Dhabi. The signing ceremony drew the participation of His Excellency Khalifa Al Qubaisi, Deputy Director General of ADFD, Mebouegue Donancien, Consul of Cameroon in Dubai, and several senior representatives of the two parties.

Speaking on the occasion, His Excellency Mohammed Saif Al Suwaidi said: “ADFD is proud to work as a strategic partner with the governments of beneficiary countries to help achieve their development objectives with a focus on financing projects that improve infrastructure and drive sustainable economic growth.”

He added: “The Fund believes that the development of the transportation sector increases nationwide and cross-country trade. We are delighted to collaborate with the Cameroonian government for the first time and continue to support global efforts to implement the United Nations’ Sustainable Development Goals (SDGs) on the African continent.”

For his part, His Excellency Iya Tidjani praised the strong fraternal ties between the UAE and Cameroon across all fields, as well as the UAE’s global aid endeavours, noting ADFD’s development activities worldwide. Explaining the importance of the Olama-Kribi strategic road project, he thanked ADFD for its crucial support in advancing the implementation of objectives outlined in the Cameroon Vision 2035 and contribution to one of the priority infrastructure projects.

Since its inception in 1971, ADFD has funded development projects in 95 countries, including 40 African nations, to the tune of Dhs92 billion through concessionary loans, government grants, and investments. The Fund’s total expenditure in Africa amounts to an estimated Dhs23 billion. ADFD has also invested in eight companies and two private equity funds to boost a variety of sectors on the African continent.

Meanwhile, Abu Dhabi Fund for Development (ADFD), recently has earmarked a government grant worth US$5 million (Dhs18.3 million) for a vital project that aims to enhance social services for the Liberian population. Located in the capital Monrovia, the grant will support the development of modern integrated sports and leisure infrastructure. The scope of the project includes the construction of a soccer stadium and a beach volleyball field with support facilities, such as car parks, as well as beach and boardwalk protection works.

Mohammed Saif Al Suwaidi, Director General of ADFD, and His Excellency Trokon T. Kpui, Liberian Minister of State without Portfolio, signed a memorandum of understanding (MoU) outlining the terms of the funding at ADFD’s headquarters in Abu Dhabi. The signing ceremony drew the participation of senior representatives of the two parties.

Speaking on the occasion, Mohammed Saif Al Suwaidi said: “ADFD has enjoyed strong relations with multiple African governments since 1974. Today, we are delighted to expand our sustainable development efforts on the continent through cooperating with the Liberian government for the first time and supporting the execution of this priority social services venture.”

He added: “In line with its overarching mission of helping beneficiary countries achieve their national development objectives, ADFD is proud to support the advancement of the United Nations’ Sustainable Development Goals (SDGs) in Liberia. Through constructing the integrated sports complex in Monrovia, we aim to drive the implementation of SDG 3 – Good Health and Well-being.”

For his part, Trokon T. Kpui thanked the UAE, represented by ADFD, for financing the project that will go a long way in enabling community development, nurturing sporting talent, and encouraging residents of the capital and surrounding areas to frequent sports and leisure facilities.

Since its inception in 1971, ADFD has funded development projects in 95 countries, including 40 African nations, to the tune of Dhs92 billion through concessionary loans, government grants, and investments. The Fund’s total expenditure in Africa amounts to an estimated Dhs23 billion. ADFD has also invested in eight companies and two private equity funds to boost a variety of sectors on

Abu Dhabi Fund for Development (ADFD) is a leading national entity for economic development aid owned by the Abu Dhabi government. Established in 1971, it aims to help emerging countries by providing concessionary loans to finance sustainable development projects as well as administering long-term investments and direct contributions.

Agencies

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