ABU DHABI, (Pakistan Point News - 08th Aug, 2021) Abu Dhabi Fund for Development (ADFD), the economic development arm of the UAE government, has signed an agreement with the Government of Guinea to provide a concessionary loan valued at AED95.5 million (US$ 26 million) to finance developing a major interchange and roads project in the heart of Conakry, the nation’s capital city.
Once completed, this project will significantly ease congestion in the city centre while connecting key urban areas integral to economic growth and improving overall road safety.
The project will include construction of interchanges, roundabouts and tunnels designed to better connect service and feeder roads to the city’s main thoroughfare, La Prince Road. In addition to funding support, ADFD will provide ongoing consulting and engineering services throughout the successful implementation and delivery of the project.
The development of Conakry represents an important piece of the Guinea economic diversification strategy. While the country is widely known for its agriculture and minerals economy, Conakry is viewed as the economic, financial and cultural hub of the nation.
The loan agreement was signed by Mohammed Saif Al Suwaidi, Director-General of ADFD, and Mamady Camara, Guinea's Minister of Economy and Finance. The signing was attended by Abdullah Al Qubaisi, Deputy Director-General of ADFD, and several senior officials from both sides.
Al Suwaidi said, "ADFD has a long and successful history working with the government of Guinea. Together we’ve developed high-impact projects across a number of sectors that are important to the country’s sustainable social and economic development. This new interchange development project will be a catalyst for continued economic growth while also helping improve the quality of life for people across the city."
Mamady Camara said, "Conakry plays an integral role in the Guinea national economic development strategy and this infrastructure project will help support continued economic growth in our capital city. While agriculture and minerals represent important economic sectors for the country, Conakry is central to our economic diversification strategy, further development of manufacturing and industrial sectors and to supporting the growth of SMEs."
ADFD and the Guinean government have a long and successful relationship dating to 1977. The Fund has supported a range of sustainable development projects with a total value of AED345.6 million, including successful development of strategic projects in energy, food security, industrial development and agriculture sectors.
