Arab Today, arab today abu dhabi fund to finance key infrastructure projects in madagascar
Last Updated : GMT 02:07:45
Arab Today, arab today
Arab Today, arab today

Abu Dhabi fund to finance key infrastructure projects in Madagascar

Arab Today, arab today

Arab Today, arab today Abu Dhabi fund to finance key infrastructure projects in Madagascar

Abu Dhabi Fund for Development (ADFD)
Abu Dhabi - WAM

Abu Dhabi Fund for Development (ADFD), is set to extend AED110 million in soft loans to the Republic of Madagascar for the construction of a 117km two-lane road and seven bridges that will connect key rural areas of the country.
Confirming the Fund’s support, a Memorandum of Understanding (MoU) was signed between Mohammed Saif Al Suwaidi, Director General of ADFD, and Andriambololona Vonintsalama, Secretary-General of the Ministry of Finance and Budget in Republic of Madagascar.
Madagascar is home to more than 21 million people, and the new projects are anticipated to drive the country’s tourism and agricultural sectors.
Completion of the coastal road between Soanierana Ivongo and Mananara will ensure the uninterrupted flow of agricultural produce to the markets, while reducing the transportation cost of goods. The new asphalt road will also facilitate continued access to the towns throughout the year, regardless of the weather conditions. Notably, the two-lane highway will help reduce the isolation of rural areas.
Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development, said, "The government of Madagascar is extremely focused on the redevelopment of its core infrastructure as part of its priority to stimulate economic growth and lift its people out of poverty. Apart from facilitating the movement of goods and trade, such projects support the creation of jobs and social mobility." He added, "The eradication of poverty in developing countries is part of the Fund’s core mandate. Financing roads and bridges reflects ADFD’s commitment to supporting infrastructure projects that contribute to the development of economic sectors and the wellbeing of the people in developing nations. We believe this project will provide deep and lasting benefits to the people of Madagascar." Andriambololona Vonintsalama, Madagascar’s Secretary General of the Ministry of Finance and Budget, said, "We are grateful to the Abu Dhabi Fund for Development for its unwavering commitment to the development of our nation and people. Our government remains focused on the delivery of infrastructure and services that will elevate the nation and provide seamless opportunities for growth to our people. This project is another great example of what can be achieved through collaboration and shared vision for global progress." ADFD has earlier financed a power project in Madagascar in 1979, with a funding of AED15 million. The ANDEKALEKA Hydroelectric Power project currently delivers 58 MW of power to the local population.

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Arab Today, arab today abu dhabi fund to finance key infrastructure projects in madagascar Arab Today, arab today abu dhabi fund to finance key infrastructure projects in madagascar

 



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