ADFD finances $10m Ethiopian road
Project is the first cooperation deal between the development fund and Ethiopia
ADFD will finance the building of a $10m road in Ethiopia as it bids to encourage growth and development in the country.
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The Abu Dhabi Fund for Development earlier this week, announced that it had signed a $10.07m deal with Ethiopia to finance a road project.
The move comes as the ADFD has pushed to increase its support to developing countries and ease poverty through the provision of financial assistance.
Mohammed Saif Al Suwaidi, acting director general for the ADFD, said that the project was the first cooperation deal between the fund and Ethiopia. He hoped that the project would contribute to supporting the socio-economic development in the troubled African country.
Mesganu Arga Moach, Ethiopian Consul General, added that the support of ADFD was invaluable to the development process in Ethiopia.
Since its establishment in 1971, the fund has been involved in the financing of a number of development projects across more than 21 African countries.
