4.53 AM Tuesday, 16 April 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:36 05:52 12:21 15:49 18:45 20:02
16 April 2024

Abu Dhabi Fund finances first development project for AED165m in Nigeria

By Emirates247

Abu Dhabi Fund for Development (ADFD) has signed an agreement with the Nigerian government to finance the Minna-Bida Road project in the country. The Fund has allocated AED165 million (US$45 million) to support the first development project in Nigeria, which is expected to stimulate commercial activities and improve transport links between the main cities in the country.

The 82-kilometer road linking Minna, the capital of the state of Niger, with the city of Bida, will reduce travel time by 50 per cent and lower the cost of vehicle operation by 31 per cent. The road will feature two 7.3-meter-wide lanes.

The agreement was signed remotely by His Excellency Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development; and Her Excellency Zainab Shamsuna Ahmed, Minister of Finance, Budget, and National Planning of Nigeria. The signing was attended by Adel Al Hosani, Director of Operations Department at ADFD, and other officials from both sides.

H.E. Al Suwaidi said that the agreement marked the start of a new partnership with Nigeria, further expanding the Fund’s development activity in Africa. “The project will facilitate transport and support economic sectors in the country.”

H.E. Zainab expressed gratitude for the support provided by the UAE, as she highlighted ADFD’s significant role in driving socioeconomic prosperity in developing countries. She highlighted the importance of the project to the Niger state government and Nigeria as a whole as it will connect the northern and southern parts of the country. She stated that the project identifies with the National Transport Policy, and hence the development aspirations of Nigeria”.

She further added that the project would improve the traffic flows, safety and reduce transport costs on the Minna-Bida axis, give the local community a basic-level access to transport services leaving no one behind, and create employment opportunities for the local population, mainly women, youth, and vulnerable groups.