ADFD signs Dh110m deal with Madagascar

Abu Dhabi (WAM): Abu Dhabi Fund for Development (ADFD) is set to extend Dh110 million in soft loans to the Republic of Madagascar for the construction of a 117km two-lane road and seven bridges that will connect key rural areas of the country. Confirming the Abu Dhabi Fund for Development’s support, a Memorandum of Understanding (MoU) was signed between Mohammed Saif Al Suwaidi, Director General of ADFD, and Andriambololona Vonintsalama, Secretary General of the Ministry of Finance and Budget in Republic of Madagascar. Madagascar is home to more than 21 million people, and the new projects are anticipated to drive the country’s tourism and agricultural sectors. Completion of the coastal road between Soanierana Ivongo and Mananara will ensure the uninterrupted flow of agricultural produce to the markets, while reducing the transportation cost of goods. The new asphalt road will also facilitate continued access to the towns throughout the year, regardless of the weather conditions. Notably, the two-lane highway will help reduce the isolation of rural areas. Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development, said: “The government of Madagascar is extremely focused on the redevelopment of its core infrastructure as part of its priority to stimulate economic growth and lift its people out of poverty. Apart from facilitating the movement of goods and trade, such projects support the creation of jobs and social mobility.” He added: “The eradication of poverty in developing countries is part of the Fund’s core mandate. Financing roads and bridges reflects ADFD’s commitment to supporting infrastructure projects that contribute to the development of economic sectors and the wellbeing of the people in developing nations. We believe this project will provide deep and lasting benefits to the people of Madagascar.” Andriambololona Vonintsalama, Madagascar’s Secretary General of the Ministry of Finance and Budget, said: “We are grateful to the Abu Dhabi Fund for Development for its unwavering commitment to the development of our nation and people.” “Our government remains focused on the delivery of infrastructure and services that will elevate the nation and provide seamless opportunities for growth to our people. This project is another great example of what can be achieved through collaboration and shared vision for global progress,” she added. Abu Dhabi Fund for Development has earlier financed a power project in Madagascar in 1979, with a funding of Dh15 million. The Andekaleka Hydroelectric Power project currently delivers 58MW of power to the local population. Meanwhile a high-level government delegation from the Republic of Slovakia headed by Dusan Horniak, Ambassador to the U.A.E., visited the Abu Dhabi Fund for Development (ADFD) to explore opportunities for further bilateral collaboration with the U.A.E.. Mohammed Saif Al Suwaidi welcomed the delegation and reiterated the U.A.E.’s support to Slovakia’s development goals and efforts. Lauding the Republic of Slovakia for its commitment to promote its synergy with the U.A.E., Al Suwaidi said: “The visit provided us valuable insights into the opportunities opening up in the Republic. Abu Dhabi Fund for Development is committed to collaborating on projects that help accelerate Slovakia’s economic development on a priority basis. We are confident our engagement will meet the strategic objectives of Abu Dhabi Fund for Development, while driving the economic and social development of the Slovak Republic.” Abu Dhabi Fund for Development (ADFD) was established in 1971 as a leading national entity to provide development aid to emerging economies in the form of concessionary loans and administrative grants on behalf of the Abu Dhabi government. The Abu Dhabi Fund for Development also manages the government grants provided by the U.A.E. through direct supervision and follow-up of the implementation and operation of the projects. – The Gulf Today - http://gulftoday.ae/portal/73a35633-72a4-4cd2-8a16-071018f96141.aspx