ADFD Signs AED36.73-million Loan Agreement with Swaziland to Support Infrastructure Projects

Abu Dhabi-UAE: 19 January, 2015 - Abu Dhabi Fund for Development (ADFD) has extended AED36.73 million as a concessionary loan to the Government of Swaziland aiming to support the kingdom’s economic and social development through the development of roads and improvement of surface transportation network.

As a starting point, the funding will finance phase 1 of the Manzini - Mbadlana road development. The project includes the reconstruction and upgrading of a 30-kilometer highway consisting of two lanes in each direction, including civil works, earth works and pavement, as well as intersection lighting works and provision of road safety equipment.

An agreement was signed between both countries at ADFD headquarters in Abu Dhabi that was attended by His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, and His Excellency Martin Gobizandla Dlamini, Minister of Finance in Swaziland.

His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, said: "This agreement articulates our priority to support vital economic sectors in developing countries, especially the roads and transport sector that serves as a catalyst for spurring economic growth and bridging the widening gap between urban centers and remote villages. Most developing countries suffer from inefficient infrastructure due to lack of financial resources, which cripples economic growth. ADFD therefore pays particular attention to infrastructure projects to achieve inclusive development in the beneficiary nations."

Al Suwaidi added: “As part of the prudent and open policy pursued by the UAE towards all countries of the world, over the past four decades the country has financially supported many countries in their development programs. This has earned the nation the title of the largest donor of official development aid by the Organization for Economic Cooperation and Development (OECD), validating the wise policy pursued by the leadership under His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, as well as His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and close follow up by His Highness General Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. Collectively, our leadership’s efforts have made the UAE a leader in the field of development aid."

Applauding the UAE for promoting mutual cooperation and stronger relations between the UAE and the Kingdom of Swaziland, His Excellency Martin Dlamini, Minister of Finance in Swaziland, expressed his deep appreciation of ADFD’s active role in promoting economic development in his country through funding various developmental project in vital economic sectors.

His Excellency Martin Dlamini added: "The Manzini - Mbadlana road development project will definitely improve the social and economic conditions of people in the region. It will also facilitate smoother transport of agricultural products to the market as well as link Swaziland with the neighboring Republics of Mozambique and South Africa. This will have a huge impact on the economy of Swaziland."

Established in 1971, ADFD is a national organization responsible for assisting developing countries through providing developmental loans and managed grants provided by the UAE government. The Fund aims to promote sustainable socio-economic development and private sector growth in target countries. Since its inception, ADFD has overseen the provision of AED64 billion towards financing 424 development projects in 71 countries around the world.