Abu Dhabi – Mubasher: The Abu Dhabi Fund for Development (ADFD) has signed an agreement with the Government of the United Republic of Tanzania to extend a concessionary loan.
The AED 55 million ($15 million) loan will be used in the upgrade of 51 km of the Uvinza-Ilunde-Malagarasi Road, the leading national entity for development aid said in a statement.
Mohammed Saif Al Suwaidi, ADFD director general, and Mussa Ibrahim Iyombe, permanent secretary to Tanzania President's Office Regional Administration and Local Government, inked the loan agreement at the ADFD's headquarters in Abu Dhabi.
The new project is an extension to Kidaho - Ovinza Road, which was previously financed by the ADFD in 2009 with AED 169 million, the statement showed.
“The agreement reflects ADFD’s priority to support development projects across vital economic sectors in developing countries, especially the roads and transport sector,” Al Suwaidi said.
