Abu Dhabi: Abu Dhabi Fund for Development (ADFD) is set to extend Dh110 million in soft loans to the Republic of Madagascar for the construction of a 117 kilometre 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 Mohammad Saif Al Suwaidi, Director General of ADFD, and Andriambololona Vonintsalama, Secretary General of the Ministry of Finance and Budget for the 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.
Al Suwaidi 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 well-being of the people in developing nations. We believe this project will provide deep and lasting benefits to the people of Madagascar.”
ADFD earlier financed a power project in Madagascar in 1979, with a funding of Dh15 million.