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Thu 7 Apr 2011 11:15 AM

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Abu Dhabi loans Gambia $10m for road development

Funding will go to linking vital economic areas in the African country, ADFD says

Abu Dhabi loans Gambia $10m for road development
FINANCIAL AID: Abu Dhabi will loan Gambia nearly $10m to rebuild a key stretch of road linking two major cities in the West African country

Abu Dhabi, the oil-rich capital of the UAE, will loan the Republic of Gambia nearly $10m to rebuild a key stretch of road linking two major cities in the West African country.

The state-backed Abu Dhabi Fund for Development will loan AED36.73m ($9.99m) to reconstruct 141km of road between Mandinaba and Soma.

"This agreement will finance a major developmental project in Gambia, empowering the country with a modern roadway to facilitate the smooth movement between key cities,” Mohammed Saif Al Suwaidi, acting director general of ADFD, said in a statement. The road will “bolster the scope for business and commercial activities.”

The state-supported fund previously funded Gambia’s Yandom airport project in 1977, at an estimated cost of AED7.8m ($2.12m).