Abu Dhabi development fund supports African country's $29.9 million infrastructure project
ADFD acting director general Mohammed Saif Al Suwaidi signed the loan agreement with Mauritania's Minister of Economic Affairs and Development Sedi Weld Babha Weld Altah.
Accoding to Al Suwaidi, "This grant embodies the keenness of ADFD to play a vital role in supporting the development march, and this come in line with its strong approach in carrying out the sustainable development in developing countries to enable them to overcome the difficulties and challenges they faced, and to raise the living standards of their people."
Al Suwaidi also hinted that the project would have "positive effects" on other economic sectors in Mauritania and could "[activate] the economic movement" in the country.
ADFD has been involved with Mauritania's development since 1977.
ADFD has given the African country more than 50 million for five development projects over this 35-year period.
- How will plunging oil prices affect Dubai's glittery real estate sector?
- Home prices in Israel makes making ends meet impossible for families
- Putting their eggs in tourists' baskets: why Dubai's real estate developers are shifting to hospitality
- Is Dubai's property market finally displaying 'affordable' tendencies?
- Ironic much? Sharjah's 'affordable' rents is the exact reason they're now skyrocketing