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25 February 2024

Abu Dhabi Fund to loan Senegal Dh53 million

By Wam

Abu Dhabi Fund for Development (ADFD) has signed a loan agreement by virtue of which ADFD will provide more than Dh53 million loan ($14.44 million) to the Republic of Senegal. The loan will be allocated to funding major road in addition to some related tracks in the country. 

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 signing ceremony was took a place in Emirates Palace with the presence of Macky Sall, the President of Senegal. The agreement was signed by Mohammed Saif Al Suwaidi, Director General of ADFD and Mohamadou Mactar Cisse, Minister of budget in Republic of Senegal.

Al Suwaidi said, "this agreement reflects the keenness of ADFD since the beginning of its activities in the Republic of Senegal to play an active role in supporting the efforts of the Senegalese government to improve the infra structure sector in Senegal, as this is the mainstay of economic and social development, and the strong foundation for the growth of various sectors."

"The existence of capable roads network to accommodate the rapid growth rates in the movement, is consider a vital element to the success of the ambitious development strategy adopted by any country, as providing modern and sophisticated roads system, will contribute directly and effectively in activating the economic movement and increase trade by facilitating the movement of people and transport of goods and products both for the domestic market or to regional and international markets,’’ he added.

Al Suwaidi also stressed the keenness of the UAE leadership on development and strengthening the cooperation with the Republic of Senegal, noting the good relations that combine the two countries, and standing next to the Senegalese government and supports them in various fields, especially economically through financing of developmental projects that back to the Senegalese people with positive impact.

For his part, Mohamadou Mactar Cisse, Minister of Budget in Senegal  said, "The financial loan provided by ADFD will effectively contribute to supporting the efforts of Senegalese government to achieve a comprehensive development, as the constructing of the sophisticated network of road would help in activating the economic movement in Senegal, 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."

He added that the Senegalese minister praised the leadership of UAE’s role in solidifying mutual cooperation between the United Arab Emirates and the Republic of Senegal 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.

He also expressed his high esteem for the efficient role played by ADFD in promoting development in Republic of Senegal by funding such vital development projects.

It is worth mentioning that ADFD’s activity in the Republic of Senegal goes back to 1978. The Fund has since then offered three loans totaling to about Dh140 million, allocated for three developmental projects, all devoted to enhance the agriculture and water sectors.