ADFD finances a major road project in Gambia
UAE,01 Jul 2014
Abu Dhabi Fund for Development (ADFD) signed a loan agreement by virtue of which ADFD will provide more than AED 36.7 million loan to the Republic of Gambia. The loan will be used in financing the reconstruction and upgrading of the “Laminkoto – Passimus” road project.
ADFD’s contribution in financing this vital project came from the belief in the important role played by the road networks in enhancing the performance of key economic sectors which improves living conditions in developing countries.
The loan agreement was signed by His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD and His Excellency Kebba S. Touray, Minister of Finance and Economic Affairs in Republic of Gambia.
His Excellency Al Suwaidi said: "this grant embodies the keenness of ADFD to play a vital role in supporting the development march, and this come in line with its strong approach in carrying out the sustainable development in developing countries to enable them to overcome the difficulties and challenges they faced, and to raise the living standards of their people.”
The positive impact of this development project will be extended to include various economic sectors in the Republic of Gambia, as the road will play an essential role in activating the economic movement and increase trade between Gambia’s cities since its going to connect all the cities with each other. In addition to an improved of the internal traffic through the establishment of modern infrastructure contribute to improving the movement internal transport.
For his part, Kebba S. Touray, Minister of Finance and Economic Affairs in Republic of Gambia said “The financial loan provided by ADFD will effectively contribute to support the efforts of Gambia’s government to achieve a comprehensive development, as the constructing of the sophisticated network of road would help in activating the economic movement in Gambia, not only by facilitating the movement of people, but also through the recovery of major economic activities such as agriculture, and ranching, and facilitate the transport of products to domestic markets.
The Gambian Minister of Finance and Economic Affairs praised the leadership of UAE’s role in solidifying mutual cooperation between the United Arab Emirates and the Republic of Gambia and extends his gratitude and appreciation to the UAE for its continuous support and its keenness to back the march of development in his country.”
It is worth mentioning that ADFD’s involvement in Republic of Gambia goes back to 1977. The Fund has since then offered a loan allocated to finance yandom airport, which aims to promote the transport sector through the development of the airport and facilitate the movement of the aircraft as part of a general program aimed at developing tourism in the Republic of Gambia.
In 2011 ADFD financed "Mandinaba - Soma" road project, which in turn intended to provide a quick link between the main economic and administrative centers in the western coastal area with the rest of the Gambia’s area, which will help in increasing the economic and commercial activity in the region.
With the latest Loan of AED 36.7 million to Gambia, the total loans provided by the ADFD have risen to more than AED 81 million.