Abu Dhabi Fund for Development Extends Dh110 Million Loan to Government of Mali
Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, has extended a concessionary loan of AED110 million (US$30 million) to the Government of Mali to support its National Social Housing Programme.
His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, and His Excellency Dr Boubou Cisse, Malian Minister of Economy and Finance, ratified the loan agreement at the ADFD headquarters in Abu Dhabi. His Excellency Boukary Sidibe, Malian Ambassador to the UAE, and senior representatives of the two parties attended the signing ceremony.
In a bid to meet the surging housing demand in Mali and improve the overall standard of living and well-being of the Malian people, the social housing programme seeks to modernise civil and housing services in the country as part of the government’s efforts to achieve sustainable development.
His Excellency Mohammed Saif Al Suwaidi said: “ADFD’s support for the National Social Housing Programme in Mali aligns with its priority to finance development projects that improve the economic and social stability of communities in developing countries. As part of its sustained efforts to invest in infrastructure projects, the Fund focuses on the housing sector that plays a crucial role in enhancing living standards and boosting social security among the population. We are committed to assisting the Government of Mali in achieving its development programmes and wider growth objectives.”
Mali’s National Social Housing Programme mandates the construction of 50,000 housing units across all major cities and regions of the country, including Kayes, Koulikoro, Bamako, Sikasso, Ségou, Timbuktu, Gao, Kidal, Ménaka and Taoudenni. As part of the scheme, the Malian Housing Office delivered 9,521 residential units between 2002 and 2015. In view of the growing demand, the government decided in 2006 to implement the scheme through public-private partnerships in addition to direct government funding.
For his part, His Excellency Dr Boubou Cisse praised the historic relations Mali enjoys with the UAE, noting that ADFD funded its first development project in the country over four decades ago. He clarified that today’s signing reinforces the strong economic ties between the two countries, and explained that this strategic housing project will go a long way in bolstering the standards of living of the Malian people.
Abu Dhabi Fund for Development enjoys a long-standing close collaboration with the Government of Mali, dating back to 1976. Since then, the Fund has provided loans and administered government grants amounting to AED294 million, allocated to financing seven vital projects in key economic sectors.
Abu Dhabi Fund for Development
Established in 15th of July 1971, Abu Dhabi Fund for Development (ADFD) is an autonomous national entity affiliated with Abu Dhabi government.
ADFD aims to help developing countries to achieve sustainable socio-economic growth; through financial assistance in the forms of concessionary loans, managing government grants and equities. ADFD also peruses investments in order to encourage the private sector in the recipient countries to play an essential part in accelerating the economic development process, and at the same time playing a pivotal role in strengthening and diversifying the future resources of the Fund.
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