Abu Dhabi 27th July 2009: Abu Dhabi Fund for Development (ADFD) has inked a AED 36.730 million ($ 10 million) loan agreement to develop a key 75-kilometer highway linking Benin with neighboring countries.
The loan agreement was singed by HE Mohammed Saif Al Suwaidi, Acting Director General of ADFD and HE Essa Musa Torry, Benin’s Ambassador to the UAE. The signing ceremony was held at ADFD’s offices in Abu Dhabi.
Highlighting the importance of the road in Benin’s developmental plans, Al Suwaidi said, “Empowering the Republic of Benin with a key, modern roadway will facilitate the smooth movement of individuals and vehicles between key cities, thus supporting the Government’s plan to revitalize and expedite the social and economic progress.”
“Besides being used for commute within the country, the highway links Benin with neighboring countries such as Togo and Nigeria, bolstering the scope for business and commercial activities”, he added.
HE Torry acknowledged the role of the Abu Dhabi Government in aiding the development drive being carried out in Benin, through various initiatives undertaken through ADFD.
ADFD is currently financing over 34 development projects in many developing countries. The concessionary loans ADFD provides to finance development projects cover a wide range of vital sectors such as agriculture, irrigation, fishing, utilities, transportation, industry, medical and social services, hospitality and tourism, communications, and Studies and technical aid as well as other development sectors.