ADFD to fund Cameroon transport infrastructure project

The Abu Dhabi Fund for Development (ADFD) said it has approved a concessionary loan worth Dh55 million (£15 million) for the development of Olama-Kribi Road project in the Central African nation of Cameroon. The Fund said that the 204-km-long road will link the capital Yaounde to Kribi - one of the largest seaports in the country. Aimed at enhancing the country's transportation sector, the strategic project will go a long way in stimulating Cameroon's economy, facilitating trade exchange, as well as easing the movement of people, vehicles, and goods," it added.

"ADFD is proud to work as a strategic partner with different governments to help achieve their development objectives with a focus on financing projects that improve infrastructure and drive sustainable economic growth," remarked Director-General Mohammed Saif Al Suwaidi after signing the deal with Iya Tidjani, Ambassador of Cameroon to Saudi Arabia in the presence of deputy director general Khalifa Al Qubaisi and Mebouegue Donancien, Consul of Cameroon in Dubai.

Al Suwaidi said development of the transportation sector in Cameroon will boost nationwide and cross-country trade.

Since its inception in 1971, ADFD has funded development projects in 95 countries, including 40 African nations, to the tune of Dh92 billion through concessionary loans, government grants, and investments, he added.-TradeArabia News Service

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