ADFD Allots US$9 Million for Social Housing Project in Seychelles
,20 Nov 2019
Abu Dhabi Fund for Development (ADFD), the leading national entity for economic development aid, attended the official opening ceremony of the Social Housing Project in the Seychelles. ADFD allocated US$9 million (AED33 million) towards the strategic venture that spans three residential areas on Mahé – the largest and most populated island in the archipelago.
Aimed at increasing the supply of affordable and comprehensive accommodation options in the country, the crucial project comprises 106 housing units built to modern standards, gardens, as well as integrated road, electricity, water, and sewage networks.
The ceremony drew the participation of Her Excellency Pamela Charlette, Minister of Habitat, Lands, Infrastructure, and Land Transport of the Seychelles, a delegation representing the Fund, led by His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD,H.E Ahmed Saeed Al Neyadi, UAE Charge d'affaires in Seychelles, as well as several senior officials from the two parties.
Speaking on the occasion, His Excellency Mohammed Saif Al Suwaidi said: “ADFD is committed to supporting the Government of the Seychelles in implementing its strategic growth agenda, stimulating the economy, as well as creating job opportunities. Stemming from our strong bilateral ties, we are proud to contribute to achieving one of the country’s national priorities – increasing the availability of quality residential infrastructure to meet rising demand.”
He added: “The Fund is keen to help beneficiary countries through providing financial aid and operational expertise for key development projects in important sectors. Our focus on housing aligns with the United Nations’ Sustainable Development Goals (SDGs), particularly Goal 11: Sustainable Cities and Communities.
For her part, Her Excellency Pamela Charlette praised the UAE’s global development achievements and ADFD’s proven track record in financing projects that promote sustainable socio-economic growth worldwide. She added that the Fund’s support for this project is in line with the government’s plan to build about 2,000 housing units in the form of residential compounds.
ADFD has enjoyed strong relations with the Government of the Seychelles since 1976. The Fund has financed development projects to the tune of AED463 million across various regions of the country, focused on strategic sectors that drive sustainable development, including housing, telecommunications, transport, and energy.
Since its inception in 1971, ADFD has funded development projects in 92 countries, including 40 African nations, to the tune of AED92 billion through concessionary loans, government grants, and investments. The Fund’s total expenditure in Africa amounts to an estimated AED23 billion. ADFD has also invested in eight companies and two private equity funds to boost a variety of sectors on the African continent.