Abu Dhabi, 5th May, 2012: A loan agreement with a value of 184 million AED to boost developmental projects in Eretria has been signed between Abu Dhabi Fund for Development and Eritrea’s government. The loan provided by ADFD will be used to finance a development project that will improve the Eritrean economy.
The agreement took place at the headquarters of Abu Dhabi Fund for Development in Abu Dhabi, and has been signed by H.E. Mohamed Saif Al Suwaidi, Acting Director General and H.E Al Ameen Nafaa Yousef Acting Ambassador of the State of Eritrea to the United Arab Emirates, on behalf of the Eritrean government.
On this context, Acting Director General of ADFD commented that “this agreement aims at financing development projects in Eritrea in order to support economic and social development there. He also stressed that “it will affect positively the Eritrean people and support the government’s ambition in boosting the development process.
“The loan will be used for providing the country with the fuel demanded for the operation of the equipment, machinery and vehicles which in turn will support the trade and industry sector and will lead to economic development in Eretria” added Al Suwaidi.
On the other hand, H.E Al Ameen Yousef, expressed his appreciation to Abu Dhabi Government in supporting vital projects in Eritrea, which aims to achieve sustainable development in various sectors through ADFD activities in financing development projects.
It is worth mentioning that Abu Dhabi Fund for Development began its support for development projects in the State of Eritrea since 1995, where ADFD funded three development projects with a total value estimated at AED 178 million which served the sectors of electricity and infrastructure. This long history of ADFD with Eritrea reflects the commitment of the Abu Dhabi Government to promote the sustainable development process in Eritrea.