Abu Dhabi: Abu Dhabi Fund for Development (ADFD) has signed a loan agreement to provide Dh110 million loan to Bangladesh for financing the Bangladesh SASEC Road Connectivity Project.
The loan agreement was signed by Mohammad Saif Al Suwaidi, Acting Director-General of ADFD, and Kazi Shofiqul Azam, Under-Secretary Assistant for Economic Relations at the Ministry of Finance in Bangladesh.
Al Suwaidi said, “This grant embodies the keenness of ADFD to play a vital role in supporting development in line with its strong approach in carrying out sustainable development in developing countries to enable them to overcome the difficulties and challenges they face, and to raise the living standards of their people.”
He added, “The positive effects of this development project will be extended to include various economic sectors in Bangladesh and its neighbouring countries, because international routes in South Asia will be linked and this will lead to activation of the economic movement and increase trade among Asian countries, especially Nepal, Bhutan and northeast India.’’
“The international connectivity among these countries through the establishment of a sophisticated and modern network of roads will make Bangladesh a regional transportation hub in addition to improve internal traffic,” Al Suwaidi said.
The Bangladeshi official praised the leadership of UAE’s role in solidifying mutual cooperation between the UAE and Bangladesh and extended his gratitude and appreciation to the UAE for its continuous support and its keenness to back the march of development in his country. He expressed his high esteem for the efficient role Abu Dhabi and ADFD are playing in promoting development in Bangladesh by funding such vital projects.
WAM
