The Abu Dhabi Fund for Development, ADFD, has signed a loan agreement by virtue of which ADFD will provide more than AED36.7 million as a loan to the Gambia.
The loan will be used in financing the re-construction and upgrading of the Laminkoto Passimus road project.
The loan agreement was signed by Mohammed Saif Al Suwaidi, Director-General of ADFD and Kebba S. Touray, Minister of Finance and Economic Affairs in the Gambia.
Mr. Al Suwaidi said, “This grant embodies the keenness of ADFD to play a vital role in supporting the march of development, and this come in line with the nation ‘s strong approach to carry out sustainable development to enable them to overcome the difficulties and challenges they faced, and to raise the living standards of their people.
“The positive impact of this development project will be extended to include various economic sectors in the Republic of The Gambia, as the road will play an essential role in activating the economic movement and increase trade between Gambia s cities since its going to connect all the cities with each other. In addition to an improved of the internal traffic through the establishment of modern infrastructure contribute to improving the movement internal transport.” Mr. Touray said, “The financial loan provided by ADFD will effectively contribute to support the efforts of Gambia s government to achieve comprehensive development, as the construction of the sophisticated network of roads will help in activating the economic movement in Gambia, not only by facilitating the movement of people, but also through the recovery of major economic activities such as agriculture, and facilitate the transport of products to domestic markets.
The Gambian Minister commended the role of the U.A.E.’s leadership in solidifying mutual cooperation between the United Arab Emirates and the Republic of The Gambia and extended his gratitude and appreciation to the U.A.E. for its continuous support and its keenness to back the march of development in his country.
Source : WAM News Agency for United Arab Emirates
