ADFD Extends Concessionary Loan to Republic of Mali
Abu Dhabi ,09 Apr 2018
Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, has extended a concessionary loan of AED110 million (US$30 million) to the Republic of Mali to support its National Social Housing Programme.
His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD and His Excellency Dr Boubou Cisse, Malian Minister of Economy and Finance, ratified the loan agreement held at the ADFD headquarters in Abu Dhabi. His Excellency Boukary Sidibe, Malian Ambassador to the UAE, and various senior representatives from the two sides attended the signing ceremony.
In a bid to meet the surging housing demand in Mali and improve the overall standard of living and well-being of the Malian people, the social housing programme seeks to modernise civil and housing services in the country as part of the government’s efforts to achieve sustainable development.
His Excellency Mohammed Saif Al Suwaidi, said: “ADFD’s support for the National Social Housing Programme in Mali is aligned with its priority to finance development projects that improve the economic and social stability of communities in developing countries.
As part of its sustained efforts to invest in infrastructure development projects, the Fund focuses on the housing sector that plays a crucial role in enhancing living standards and ensuring social security for citizens. We are committed to supporting the government of Mali in achieving its development programmes and wider growth objectives.”
Mali’s National Social Housing Programme mandates the construction of 50,000 housing units across all the major cities and regions of the country, including Kayes, Koulikoro, Bamako, Sikasso, Ségou, Timbuktu, Gao, Kidal, Ménaka and Taoudenni. As part of the scheme, the Malian Housing Office delivered 9,521 residential units between 2002 and 2015. In view of the growing demand, the government decided in 2006 to implement the scheme through public-private partnerships, in addition to direct government funding.
For his part, His Excellency Dr Boubou Cisse praised the historic relations Mali enjoys with the UAE, noting that ADFD funded its initial development project in Mali over four decades ago. He clarified that today’s signing exemplifies the strong bilateral and economic ties both countries share, and explained that this strategic housing project will go a long way in bolstering standards of living for the Malian people.
Abu Dhabi Fund for Development enjoys long-standing and close ties with the Government of Mali dating back to 1976. Since then, the Fund has provided loans and administered government grants amounting to AED294 million, allocated to financing seven vital projects in key economic sectors.