Abu Dhabi Approves $50m Loan to Promote Development in Eritrea

Development News
Eritrea's Economy get a boost from Emirates Loan

By TesfaNews,

Abu Dhabi Fund for Development concluded a loan agreement worth AED 183.6 million (USD 50 million) with the Government of the State of Eritrea to help fund development projects and energies the economy.

The agreement was signed on June 6 at the fund’s headquarters between Mohammed Saif Al Suwaidi, Director-General on behalf of the fund and HE Secretary Yousef from the Eritrean Embassy in Abu Dhabi on behalf of the Eritrean government. 

Mr. Suwaidi said the agreement came within the framework of supporting the friendly State of Eritrea in the development of its economy and the implementation of various development projects. Stressing that the agreement will contribute in helping to achieve planned developmental projects in addition to upgrade the standard of living of the Eritrean people and advancing the economic and social development that the Government of Eritrea looking to achieve.

He added that the loan will partly contribute to the payment of dues to IPG (Independent Petroleum Group), which has provided Eritrea with the needed fuel to operate the equipment, machineries and vehicles that are used to revive the economy besides support the movement of trade and industry within the economy.

For his part, Secretary Yusuf thanked the Government of Abu Dhabi for its continued support in financing vital projects in Eritrea, which collectively aimed to achieve development in the country.

It should be noted that the Fund began its support for development projects in the State of Eritrea since 1995, where it funded three development projects on electricity and infrastructure projects at a total value estimated at AED 178 million (USD 48.5m). That reflects the commitment and keenness of the Abu Dhabi Government to promote the sustainable development process in various vital sectors to Eritrea.
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