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Finance that links business and people

The Abu Dhabi Fund for Development (ADFD) has inked a AED169mn (US$ 46mn) loan agreement to construct a vital 77km highway linking two of the most important cities in Tanzania: Kidaho and Ovinza. This road is part of a key highway linking the western part of the country with Dar as Salam in the east.

ADFD has contributed in financing several vital projects in Tanzania valued at AED63mn. These projects contribute in energising the Tanzanian economy and improving living standards of the Tanzanian people.
The loan agreement was signed by His Excellency Mohammed Saif Al Suwaidi, Acting Director General of ADFD and His Excellency Mohammed Mahraja Jumaa, Tanzania’s Ambassador to the UAE. The signing ceremony was held at ADFD’s offices in Abu Dhabi. Commenting on the signing, Al Suwaidi stated, "This agreement is well aligned with Abu Dhabi’s leadership’s directives of assisting developing countries in their economic growth by providing them with necessary funding to implement vital projects. The directives have been put in place by our wise leadership represented by HH Sheikh Khalifa Bin Zayed, the President of the UAE, HH Sheikh Mohammed Bin Zayed Al Nahyan Crown Prince of Abu Dhabi, Chairman of the Executive Council of the Emirate of Abu Dhabi as well as by HH Sheikh Mansour Bin Zayed Al Nahyan, Vice Prime Minister, Minister of Presidential Affairs, Chairman of the Fund."

Empowering a nation
Highlighting the importance of the road in Tanzania’s developmental plans Al Suwaidi noted, "This agreement will allow financing a major developmental project in Tanzania. Empowering the country with a modern roadway, that will facilitate the smooth movement between key cities.
In addition, this project will facilitate trade activity and merchandise exchange within Tanzania, elevating the living standards of the local population and accelerating social and economic progress."
"Besides being used for commuting between important cities within Tanzania, the highway links it with neighboring countries such as Burundi and Rwanda, bolstering the scope for business and commercial activities."

A vital role
His Excellency Mohammed Mahraja Jumaa acknowledged the role of the Abu Dhabi Government in providing vital requirements of the Tanzanian government and aiding the development drive being carried out in the country through leading initiatives undertaken through ADFD.