ADFD provided total loans worth AED 14.99 billion

WAM Abu Dhabi, Jan 7th, 2013 (WAM) — Since its inception the Abu Dhabi Fund for Development (ADFD) has provided total loans worth AED 14.99 billion, and also managed loans and grants provided by the government, which estimated to AED 14.36 billion.

In addition, the cumulative total of ADFD investment is more than AED 1 billion distributed to 15 investment companies in developing countries.

According to ADFD report, the total value of loans and grants that have been funded by both the fund and UAE Government is more than AED 28 billion allocated to finance 321 development projects covered 59 developing countries around the world.

During the last quarter of year 2012, the fund has provided 3 development loans with a total value of more than AED 133 million to finance developmental projects in each of the Federal Democratic Republic of Ethiopia, Kingdom of Lesotho and Republic of Sierra Leone.

ADFD also managed a grant from the government at an estimated total value of AED 25 million to support the state treasury in the Republic of Djibouti, which aims to support the country’s economy through the face of budget deficits and state aid in the lifting of the difficult economic conditions that prevailed.

ADFD supporting the transport sector in Ethiopia.

The ADFD signed a loan agreement with the Federal Democratic Republic of Ethiopia for financing a road project “Gedo- Fincha – Lemlem Bereha” with a total value AED 37 million. This initiative comes in line with the Fund’s objectives in supporting developing countries and enhancing their economic growth by financing developmental projects.

The Project is aimed at developing, expanding and enhancing the country’s roads network through linking the “Oromiya” region on the western region with other regions in Ethiopia and the capital city “Addis Ababa”. It will also facilitate the access of the agricultural products for other regions and supporting the economic and social development of “Oromiya” region.

This include construction of the paved road of 80.5 km length, 7 m width, and with two shoulders, each of width of 1.5m and 2.5m at villages and cities. The works entail provision of Consultancy Services for supervision of execution of the civil works.

ADFD provides AED 77.13 million for water sector development in Lesotho.

Abu Dhabi Fund for Development (ADFD) has signed an agreement to build “Metolong” Dam for potable water in kingdom of Lesotho, The Dam project is also expected to satisfy the demands by 2025 to strengthen stability in food supplies and increase irrigated farmland areas in the country.

ADFD empowered Sierra Leone with vital “Tokeh – Lumley” road project worth AED 20 million.

The project aims to support economic and social development in the Freetown peninsula to improve its contacts in the capital and other areas of the country to serve the activities of fishing, agriculture and tourism in the peninsula, and to reduce transport costs and vehicle operating costs. The project also aims to provide an alternative transportation linking the city of Freetown with the national road network to reduce congestion on city roads.

The project consists of construction of the last section of the Freetown – Waterloo highway or the road of Freetown peninsula between Tokeh and Lomy with a length of about 21 km and asphalted width of 7 meters with side shoulders of 1.5 meters wide. The project includes construction of roads access and crossings of the villages on the road with a total length of about 8 km, and re-construction and improving the main square at the entrance of Freetown at Lomy. The project also includes consultancy services for the preparation of detailed engineering designs and supervision of the implementation ADFD offered Republic of Djibouti a grant worth AED 26 million.

ADFD offered the Republic of Djibouti around AED 26 million grant through signing an (MOU) to finance the state treasury deficit in the budget. The Memorandum of Understanding comes as implementing the directions of the leadership of the United Arab Emirates to support the socio-economic development in the Republic of Djibouti, which suffers from difficult economic conditions.

ADFD discussed ways of joint cooperation with the Republic of the Philippines Acting Director General, Mohamed Saif Al Suwaidi held a meeting with Hun Gregory Santo, the Minister of Commerce and Industry, and Grace Princesa, the Philippine Ambassador in UAE, to review bilateral relations between the two counties and ways of enhancing it in various fields, also they have discussed the investment opportunities. The parties also talked about the possibilities of financing a number of developmental projects that will achieve economic and social development objectives in the Philippines society.

–more– WAM/HH/AM

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