Abu Dhabi Fund for Development (ADFD) has signed an agreement to provide AED 55 million as a concessionary loan to Kirgizstan's government.
The fund will be used in financing Bishkek-Torugart highway. This initiative came as a part of ADFD's ongoing efforts to support stability and the development process in developing countries as well as, ensuring the decent life for the local community there.
The loan agreement was signed by His Excellency Mohammed Saif Al Suwaidi, Acting Director General of ADFD and Sultanov Kalykbek Imanalievich, Minister of Transport and Communications in Kirgizstan. The signing ceremony was held in the Minister of Transportation in Kirgizstan.
The project which ADFD finances 22% of its total value, aims to support the Kirgizstan's economic through the improvement of the road and transportation sector.
Commenting on the event, Director General of ADFD said that "the highway will play an essential role in connecting the capital Bishkek in the north with various parts of the country in the south and southwest up to the borders with China. Moreover, the road will raise the economic, social development, facilitating the movement of people and goods and improves the traffic safety in that region".
The ADFD's initiative in contributing to finance this vital project reflects the leadership's visionary directives to help developing countries and ensuring better living necessities to their people, and to activate the process of social and economic growth there.
Highlighting the importance of the road in Kirgizstan's developmental, Al Suwaidi add that, "the signed agreement embodies the commitment that ADFD has toward the developing world by providing the needs of sustainable development, especially in areas of low development rate.
Sultanov Imanalievich noted that the initiative launched by ADFD toward his country through providing the financial assistance for the implementation of the project will help to supplement the living and social needs of the community who has suffered from the devastating effects of the war in the past years.