ADFD signs Dhs183.5m financing deal

Abu Dhabi Fund for Development (ADFD) has signed an agreement to finance the first phase of the Social Housing programme in Abidjan, Côte d’Ivoire.

This project, in its first phase, will involve the construction of 25,000 housing units, with a total investment of Dhs183.5 million ($50 million).

This project is ADFD’s first engagement in Côte d’Ivoire, marking a major milestone in the Fund’s commitment to advancing sustainable development in the country. It also underscores the Fund’s commitment to broadening its geographic reach in its effort to create a wider positive impact across the African continent.

The agreement was signed by Mohamed Saif Al Suwaidi, Director-General of ADFD; and Bruno Nabagné Kone, Minister of Construction, Housing and Urban Planning in Côte d’Ivoire.

The ceremony was attended by Robert Beugré Mambe, Prime Minister of Côte d’Ivoire, Vacaba Diaby, Ambassador of Côte d’Ivoire to the UAE; and other officials.

Highlighting the significance of the agreement, Al Suwaidi said, "This strategic partnership marks a transformative move towards addressing the housing challenges faced by low-income families in Côte d'Ivoire, reflecting our commitment to advancing international development cooperation. By investing in critical infrastructure projects like this, we strive to promote sustainable economic and social development across Africa and globally.” He noted that the underlying objectives of this agreement align with the Fund’s mission to empower developing nations in achieving their growth aspirations.

Robert Beugré Mambé, Prime Minister of Côte d'Ivoire, expressed his gratitude to the UAE and ADFD for their steadfast support of Côte d'Ivoire’s government and development initiatives. He said that ADFD’s financing for the Social Housing programme marks the beginning of a strategic partnership between the two nations, underscoring strong and growing bilateral ties.

The agreement embodies the shared vision of promoting sustainable development and strengthening bilateral cooperation between the UAE and Côte d’Ivoire.

By addressing critical housing needs for a large segment of the population, it paves the way for a brighter, more sustainable future for Côte d’Ivoire.

WAM