The Abu Dhabi Fund for Development (ADFD) on Saturday announced the approval of a concessionary loan worth AED55 million ($15 million) for a road project in Cameroon.
The fund said that the 204km the Olama-Kribi road will link the capital Yaoundé to Kribi, one of the largest seaports in the country.
ADFD said the project aims to enhance the country’s transportation sector and “will go a long way in stimulating Cameroon’s economy, facilitating trade exchange, as well as easing the movement of people, vehicles, and goods”.
Mohammed Saif Al Suwaidi, ADFD director-general, and Iya Tidjani, ambassador of the Cameroon to Saudi Arabia, signed the loan agreement in Abu Dhabi, reported state news agency WAM.
Al Suwaidi said: “ADFD is proud to work as a strategic partner with the governments of beneficiary countries to help achieve their development objectives with a focus on financing projects that improve infrastructure and drive sustainable economic growth.
“The fund believes that the development of the transportation sector increases nationwide and cross-country trade,” he added.
ADFD has funded development projects in 95 countries, including 40 African nations, to the tune of AED92 billion through concessionary loans, government grants, and investments.
The fund’s total expenditure in Africa amounts to an estimated AED23 billion.
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