Abu Dhabi Fund for Development says loan to support the balance of payments in the African country
Abu Dhabi Fund for Development (ADFD), the national entity for international economic development aid, has signed two agreements with the Government of Mali.
These include an AED918 million ($250 million) concessionary loan to support the balance of payments in the country as well as an additional concessionary loan of AED110 million to finance the implementation of phase two of Mali’s National Social Housing Programme.
In April 2018, ADFD extended AED110 million for phase one of the same national housing project as the government seeks to meet the surging housing demand in Mali and improve the overall standard of living and well-being of the Malian people. The social housing programme aims to modernise civil and housing services in the country.
Mohammed Saif Al Suwaidi, director general of ADFD and Dr Boubou Cisse, Malian Prime Minister and Minister of Economy and Finance, signed the loan agreements in Abu Dhabi.
Al Suwaidi said: “The UAE and Mali have continued to enjoy strong and long-standing bilateral relations. Spanning more than four decades of joint and constructive cooperation, the strategic ties between ADFD and Mali have helped achieve sustainable economic development in the West African nation.”
He added: “As part of our efforts to assist developing countries in addressing their economic challenges, ADFD’s $250 million to support the balance of payments will aid the Malian government in achieving their outlined priorities across key sectors.”
Mali’s National Social Housing Programme mandates the construction of 50,000 housing units across all the major cities and regions of the country, including Kayes, Koulikoro, Bamako, Sikasso, Ségou, Timbuktu, Gao, Kidal, Ménaka and Taoudenni.
As part of the scheme, the Malian Housing Office delivered 9,521 residential units between 2002 and 2015.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.