ADFD participates in ground-breaking ceremony of social housing project in Seychelles

ABU DHABI, 3rd August, 2015 (WAM) -- Abu Dhabi Fund for Development (ADFD) recently participated in the ground-breaking ceremony of a social housing project in Seychelles, hosted by the Government of Seychelles. Located in Mahe Island, one of the largest islands of the Republic of Seychelles, the project is funded by an Dh33 million (US$9 million) contributory grant administered by ADFD on behalf of the UAE Government. The project comprises of housing units as well as the associated infrastructure including electricity grids, water and sanitation networks, roads and parks. ADFD managed on behalf of the UAE Government the construction of nearly 106 housing units spread across three residential areas in Barbaron, Bill Amber and Takamaka in Mahe Island, the largest in the Seychelles archipelago and home to the majority of its population. The first phase covers Barbaron and Takamaka. The funding articulates ADFD’s priority to support infrastructure projects in developing countries as a prerequisite for growth and economic development. Of the sectors supported, the housing sector is a major recipient of foreign assistance given its role in empowering local communities to contribute towards the development process. Accounting for 12% of the total share, the housing sector ranks second in terms of ADFD’s funding activities, and has received Dh7.6 billion so far allocated towards 42 development projects. ADFD says it enjoys close synergies with the Government of Seychelles that date back to 1979. Since then, the Fund has provided loans and administered government grants totalling about Dh215 million earmarked for 10 vital projects in key economic sectors including housing, communication, transportation, and energy. Adel Abdulla Al Hosani, Director of Operations Department, Abu Dhabi Fund for Development, said: "The contribution of the UAE to the social housing project in Seychelles reflects the country’s commitment to supporting economic development in Seychelles and providing excellent housing services to its citizens through financing infrastructure projects in the country." Al Hosani added: "The UAE will continue to support the Government of Seychelles in implementing infrastructure projects and economic reform programmes to improve the living standards of its citizens. To this end, ADFD has undertaken several major development projects that serve key economic and social sectors, while contributing to the sustainable development of the country." ADFD has contributed to the financing of several quality development projects that support the Seychelles Government's efforts to accelerate economic and social development and tackle the various development challenges. Of these, the Dh103 million wind power station project in Seychelles aims to support the renewable energy sector in the country. – Emirates News Agency, WAM - http://www.wam.ae/en/news/economics/1395283912968.html