ADFD Approves US$5 Million for Social Services Project in Liberia
,17 Dec 2019
Abu Dhabi Fund for Development (ADFD), the leading national entity for economic development aid, has earmarked a government grant worth US$5 million (AED18.3 million) for a vital project that aims to enhance social services for the Liberian population.
Located in the capital Monrovia, the grant will support the development of modern integrated sports and leisure infrastructure. The scope of the project includes the construction of a soccer stadium and a beach volleyball field with support facilities, such as car parks, as well as beach and boardwalk protection works.
His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, and His Excellency Trokon T. Kpui, Minister of State without Portfolio in Liberia, signed a memorandum of understanding (MoU) outlining the terms of the funding at ADFD’s headquarters in Abu Dhabi. The signing ceremony drew the participation of senior representatives of the two parties.
Speaking on the occasion, His Excellency Mohammed Saif Al Suwaidi said: “ADFD has enjoyed strong relations with multiple African governments since 1974. Today, we are delighted to expand our sustainable development efforts on the continent through cooperating with the Liberian government for the first time and supporting the execution of this priority social services venture.”
He added: “In line with its overarching mission of helping beneficiary countries achieve their national development objectives, ADFD is proud to support the advancement of the United Nations’ Sustainable Development Goals (SDGs) in Liberia. Through constructing the integrated sports complex in Monrovia, we aim to drive the implementation of SDG 3 – Good Health and Well-being.”
For his part, His Excellency Trokon T. Kpui, thanked the UAE, represented by ADFD, for financing the project that will go a long way in enabling community development, nurturing sporting talent, and encouraging residents of the capital and surrounding areas to frequent sports and leisure facilities.
Since its inception in 1971, ADFD has funded development projects in 95 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.