ADFD Extends around AED37 Million Loan to Togo for Rehabilitation of Sokode - Bassar Highway

Abu Dhabi-UAE: 10 March, 2015 – Abu Dhabi Fund for Development (ADFD) has extended around AED37 million concessionary loan to the Republic of Togo as contribution to the rehabilitation of the arterial Sokode - Bassar highway.

The loan agreement was formalized at the ADFD headquarters in Abu Dhabi in the presence of His Excellency Mohamed Saif Al Suwaidi, Director General of ADFD, and His Excellency Adji Oteth Ayassor, Minister of Economy and Finance in the Republic of Togo.

The project involves the construction of a 62 km long and seven meter wide asphalt road, including 1.5 meter wide shoulders at each direction. Drainage and safety features will also integrated into the project design.

The Sokode - Bassar highway will contribute to raising the efficiency of surface transport between the Togolese capital city Lome and its internal territories and neighboring countries. In addition, the project will help reduce the cost of transporting goods and people, while providing improved security and safety for road users.

Under the agreement, ADFD will provide consultancy services on the project design and construction work. ADFD is also mandated to strengthen the technical competencies of the project consultant.

His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, said: "The ADFD loan to the Togolese Republic is part of our continued priority to support the development of the transportation sector in the developing countries. Serving as a vital link that connects the Togolese capital with its large urban centers, the upgraded Sokode - Bassar highway will help boost economic activity across Togo, besides benefiting its people in terms of time, effort and cost savings. This will considerably enhance the overall performance of the Togolese economy in line with our core objective of supporting sustainable development across developing economies."

For his part, His Excellency Adji Oteth Ayassor, Minister of Economy and Finance in the Republic of Togo, thanked ADFD for the warm welcome he was accorded and commented the Fund for its leading role in assisting developing countries to achieve sustainable development in social and economic domains.

He also stressed on the keenness of his government to enhance the collaborative ties between ADFD and Togo in the area of development especially in infrastructure and other priority sectors.

Since its inception in 1971, ADFD has partnered with many developing economies to address their socio-economic development challenges and improve living standards through administering loans and direct grant aids on behalf of the UAE government. Of the sectors supported by ADFD, transportation is one of the priority sectors given its critical role in accelerating economic and social development in beneficiary nations.

In supporting transportation sector, ADFD has provided loans and managed government grants worth AED12.3 billion to support 84 projects covering this vital sector in different developing countries around the world.