ADFD signs Dh 110 mn loan agreement with Mauritania for financing major road network project

Abu Dhabi: Abu Dhabi Fund for Development (ADFD) signed a loan agreement by virtue of which ADFD will provide Dh 110 million loan to the Islamic Republic of Mauritania. The loan will be used in financing a vital road located with Republic of Mali's boundaries. 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 Mohammed Saif Al Suwaidi, Acting Director General of ADFD, and Sedi Weld Babha Weld Altah, Minister of Economic Affairs and Development in Republic of Mauritania. 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." He added: "The positive effects of this development project will be extended to include various economic sectors in the Republic of Mauritania, as the road will play an essential role in activating the economic movement and increase trade between Mauritania and neighboring countries. 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, Sedi Weld Babha Weld Altah, said "The financial loan provided by ADFD will effectively contribute to support the efforts of Mauritanian's government to achieve a comprehensive development, as the constructing of the sophisticated network of road would help in activating the economic movement in Mauritania and neighboring countries, not only by facilitating the movement of people, but also through the recovery of major economic activities such as agriculture, fishing, tourism and facilitate the transport of products to domestic and international markets, thus contributing to enhance the revenues of the country from the foreign currency which will lead to economic recovery. The Mauritanian Minister of Economic Affairs and Development praised the leadership of UAE's role in solidifying mutual cooperation between the United Arab Emirates and the Republic of Mauritania 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." Also, he expressed his high esteem for the efficient role the Government of UAE and the ADFD are playing in promoting development in Republic of Mauritania by funding such vital development projects. It is worth mentioning that ADFD's involvement in Republic of Mauritania goes back to 1977. The Fund has since then offered loans totaling to more than Dh 183.5 million allocated for 5 developmental projects. Moreover, ADFD also managed a grant provided by UAE government worth around Dh 37 million distributed to Nouakchott hospital in order to improve the health sector in the country. All the financed projects focused on the sectors most influential in the development process in Mauritania